Global uncertainties, international equity weakness and week global economic outlook plunged most of the Gulf stock markets on Sunday. Investors have adopted cautious approach and most of them are preferring investment in gold given to metal's safe investment status.
The UAE, Qatar and Kuwait markets shed points due to heavy sell off by the investors across all sectors amid fears of a double-dip recession in the US and European economies, facing critical situation due to subdued investors sentiments.
The Dubai Financial Market and Abu Dhabi Stock Exchange witnessed subdued investor's sentiments and declined over one per cent. Dubai's main index dropped 1.08 per cent to 1,452.54 points while Abu Dhabi's market ended at 2,555.86 points.
Over 82.27 million shares exchanged hands on both exchanges indicating subdued investor's sentiments. Stocks of Emaar Properties, Arabtec and Dana Gas dropped 1.78 per cent, 0.72 per cent and 1.8 per cent respectively.
Saleem Khokhar, Head of Equities (Asset Management Group) at the National Bank of Abu Dhabi, told, "Nervousness prevails as we head in to the Eid vacation. Given the current uncertainty in global markets it is likely the market participants will lower their exposure to equity markets and take a wait and see approach."
