Markets downbeat on global woes

Most Gulf markets retreated yesterday, trading on muted volumes, as sliding oil prices and further declines on overseas markets kept investors at bay. Global trends dominated moves in Gulf bourses due to a lack of regional catalyst in company news or economic developments. The UAE’s bourses were the biggest losers, with both Dubai and Abu Dhabi slumping to four-month lows. Dubai's index ends 0.3 percent lower, its lowest close since Feb. 2. Trading volumes were down by more than a third from Sunday. Property-related stocks head Dubai's losers. Emaar Properties dropped 1 percent, Deyaar lost 4 percent and builder Arabtec shed 1.4 percent. "The fact that volumes were muted show there is not much selling pressure," said Sebastien Henin, portfolio manager at The National Investor. "Global factors will drive Gulf markets, but I'm not expecting any major impact." Abu Dhabi's index fell 0.2 percent, its lowest close since Jan. 30. Trading volumes are the lowest since mid-January. National Bank of Abu Dhabi was the main drag, falling 2.4 percent, but Aldar Properties and Sorouh Real Estate added 3 and 1.1 percent respectively. Uncertain worldwide growth outlook flushed more investors out of riskier assets, sending global shares and commodities down, despite signs that a drive by Europe's leaders to tackle the region's debt crisis was gathering momentum. In Kuwait, logistics firm Agility advanced 2.8 percent. Agility said earlier that it had acquired a 62 percent stake in United Projects for Aviation Services Company (UPAC), an airline support service and transport provider, for 26 million dinars ($ 92.7 million). UPAC's shares ended 7 percent higher. Kuwait's index ended 0.5 percent lower. From Arab News