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21 April 2024

Foreigners net sellers as Dubai stocks tumble

By Agencies

Foreign investors were net sellers on Dubai's bourse last week, accounting for nearly 40 per cent of trading during a selloff triggered by a global equity rout, exchange data showed on Saturday.

Dubai Financial Market said foreigners sold shares worth Dh7.84 billion, or 39.6 per cent of the total traded value in the week to January 24.

Foreign investors bought Dh6.51bn, or 32.8 per cent of total trade value, in the same period, the bourse said in a statement.

Institutional traders sold Dh6.50bn and bought Dh5.03bn worth of stocks in the week, during which the index fell about 7.5 per cent.

Bucking the trend, UAE nationals bought Dh13.31bn and sold Dh11.97bn worth of stocks. (Reuters)