UAE Falls on Uppish USD, Global markets

DUBAI: United Arab Emirates bourses suffered their largest declines since early November on Sunday as most other Middle East markets also retreated, tracking end-of-week losses on global exchanges.

Dubai's index fell 2.6 per cent as volumes slumped to a three-month low, Abu Dhabi lost 2 per cent and Oman and Qatar also declined.

Kuwait rose for a second straight session, trimming its losses since the end of September to 13 per cent, and Saudi Arabia edged higher.

"Middle East equities are reflecting the stronger dollar, which implies that investors are taking risk off the table and this will probably continue until year-end," said Robert McKinnon, Al Mal Capital managing director.

"We should see a sell off in equities, a rise in the dollar and maybe weaker pricing in commodities -- people want to book gains."

UAE property stocks were hammered amid dampened expectations for the sector. Emaar Properties plunged 4.4 per cent -- its biggest one-day drop since November 3 -- Deyaar lost 2.8 per cent and Arabtec tumbled 3.5 per cent.
Abu Dhabi's Aldar Properties and Sorouh Real Estate also tumbled, each falling more than 4 per cent.

Mobile telephone and banking stocks helped Kuwait's index end higher for a second session. Kuwait Finance House climbed 3.9 per cent and National Bank of Kuwait (NBK) 3.8 per cent.

A late banking sector rally enabled Saudi Arabia's index to rise 0.2 per cent although volumes hit an 11-week low.

Bahrain's measure rose for a second day, climbing 0.5 per cent to 1,450 points, its largest gain for a month.