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09 December 2023

UAE markets slip in early trade

The Abu Dhabi index slips 0.1 per cent. (AFP)

By Staff

Local markets slide in early trade as political tension in Egypt weigh on bourses in the region and investors stay on the sidelines ahead of the fourth-quarter results.

Abu Dhabi developer Aldar Properties drops 0.6 per cent and Sorouh Real Estate falls 0.7 per cent.

"It's expected to be a directionless day," says Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.

"Investors are a bit worried about the events in Egypt and prefere to wait and see. Also, UAE companies have still not announced any numbers for the fourth quarter."

The Abu Dhabi index slips 0.1 per cent.

Volumes remain low on the Dubai index as it drops 0.3 per cent.