News

Foreigners led sell-off in Dubai last week: DFM

By Reuters Published: 2008-08-15T20:00:00+04:00
img_08012008_c5500215-8486-4427-9c78-d768bdcbb798.jpg
img_08012008_c5500215-8486-4427-9c78-d768bdcbb798.jpg
Non-Arab investors led a sell-off on the Dubai bourse last week, when the index fell to a near 10-month trough as global institutions cashed out of regional stocks, official data showed on Saturday.

Investors from outside the Arab region sold Dh1.77 billion worth of shares and bought Dh1.17 billion worth of shares in the trading week ended August 14, Dubai Financial Market Co said in a statement.

Foreigners sold Dh548.54 billion on a net-trading basis, the data showed.

Gulf Arab stock markets slid last week, some into bear territory, as the dollar's rally and a rebound in western stocks lured global investors out of the region.

Dubai's bourse, which fell 4.4 per cent in the trading week, hit its lowest level since October on Wednesday before recovering some losses on buying from local investors.

A day earlier, Emaar Properties, the largest Arab developer by market value, hit a 40-month low after sliding 9 per cent in four trading days.

DFM data showed UAE nationals were net buyers in the trading week with Dh548.54 million of trade. DFM generates its revenues from trading-commission fees.