Posted on August 10, 2011

UAE and Qatar's bourses ended in the red after seeing steady declines through the day as investor confidence was shaken following a slump in global stocks. Dubai's index fell 2 percent to 1,444 points and Abu Dhabi's benchmark dropped 1.3 percent to 2,578 points. Heavyweights Emaar Properties lost3.8 percent and Emirates NBD dropped 2.3 percent.

"As the dust settles, a lot of regional investors will look at their backyards and feel more confident," said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain. "Yes, nobody wants to catch a falling knife but there are good buying opportunities out there. Lot of companies with good fundamentals have fallen sharply in the last few days. The earnings growth this year has been strong overall."

Qatar's index fell 1.8 percent to close at 8,071 points, its lowest close since March 8. Heavyweight Industries Qatar slumped 4.1 percent.

Qatar Electricity and Water dipped 1.5 percent. The firm reported a second-quarter net profit of 443.6 million Qatari riyals, rising 40.97 percent from the year ago period, according to statement on the bourse.

Qatar National Bank bucked the trend and ends 0.07 percent higher.


source: Arabian Business

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