Profit booking at Abu Dhabi bourse as Q1 approaches end
The Abu Dhabi Securities Exchange General Index (ADXGI) fell by 0.42 per cent to 4,832.78 points on Thursday, March 27. The biggest developer in the UAE capital emirate Aldar Properties fell by 2.53 per cent to AED3.47. Market bellwether Etisalat dipped slightly to AED11.90. “The destiny of the UAE is tightly intertwined with commodities and their prices. This is because Abu Dhabi is a primary oil exporter, while Dubai is a trade hub for gold, oil and several other commodities,” says Arjuna Mahendran, the CIO of Emirates NBD private banking in Dubai. Approximately eight per cent of the world’s known oil reserves and 90 per cent of UAE oil are located under the sands and seas of Abu Dhabi.