Dubai Shares Shown Subdued Performance
Dubai's benchmark stock index on Monday declined amid subdued investor's sentiments owing to global uncertainties and pending decision on Greece's debt vows. Shares of Dubai Islamic Bank PJSC and Deyaar Development PJSC declined for the first day.
Emaar Properties PJSC, developer of the world's tallest skyscraper, however, did bit well by advancing for the first time in three days. Holding Co., the United Arab Emirates' biggest construction company by market value and DFM General Index rose 0.7 percent and 0.2 percent respectively.
Mohammed Ali Yasin, chief investment officer for CAPM Investment PJSC in Abu Dhabi added that said that there is no liquidity in the market that made downturn. He told, "There is no liquidity and that has nothing to do with company fundamentals as we are undervalued and oversold. The lack of volatility has helped make the downturn in local shares less steep than elsewhere, as international investors are staying away."
Fadi Al Said, a Dubai-based senior investment manager at ING Investment Management said that market is waiting for catalysts for pushing growth.
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