Dubai and Abu Dhabi markets touch all-time lows

It was a bleak day for the UAE's bourses yesterday as both the Dubai Financial Market and the Abu Dhabi Securities Exchange touched their all-time lows. Rumours of Iran suspending trade with the UAE and fears of the global effects of Europe's debt woes caused the DFM to close at 1,335.87, down 1.83 per cent. "Dubai's index today [yesterday] breached its previous all-time low of 1,338. There are no international investors in the market with most of the shares being held by retail investors," said Mousa Haddad, Head Trader with National Bank of Abu Dhabi Asset Management. "We haven't seen the bottom of the market yet. There will be more downsides as most stocks are hitting new lows. The sentiment is negative because of what's happening in Europe and the US," he added. About 73.18 million shares worth about Dh107.81 million were traded. Meanwhile, the ADX also fell 1.26 per cent at the close after dropping to an all-time low during the day, after rumours surfaced of Aldar delisting.