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Gloomy start to week for Mideast markets

Shuaa Capital share price tumbles 7.5 percent after investment bank posts quarterly loss.


February 7, 2010 7:24 by

Gloomy sentiment saw most of the Middle East markets fall at the start of the week. There were significant losses yesterday on the Egypt market (down 2.2 percent), Dubai (down 2 percent) and in Abu Dhabi and Qatar.

In on the Dubai Financial Market, Emirates NBD and Emaar Properties fell 2.8 and 3.3 percent respectively. Shuaa Capital’s share price tumbled 7.5 percent after the investment bank posted a quarterly loss.

“Until more long-term liquidity finds its way to our stock markets, [they] will be hostage to daily traders,” Mohammed Yasin, Shuaa Securities chief executive, told Reuters.


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