ABU DHABI: Shares traded on markets in Dubai and Abu Dhabi on Tuesday ended uneven following bank Emirates NBD’s release of the Purchasing Managers Index (PMI) for March, pointing at a 10-month low of activity in the non-oil private sector.
The Dubai Financial Market General Index (DFMGI) failed to sustain its rebound it performed at the beginning of the week and closed 0.21 percent lower at 3,100.39.
Market bellwether Emaar Properties, developer of the world’s tallest tower Burj Khalifa, was the most actively traded stock and lost 1.05 percent.
Emirates NBD said in a statement released by e-Mail, the headline seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index (PMI) eased to 54.8 in March, down from 55.1 in February.
Daniel Richards, MENA Economist at Emirates NBD, said “Although the UAE’s PMI score continues to moderate from the pre-value added tax (VAT) boost enjoyed at the end of 2017, it remains firmly in expansionary territory, and continued discounting by firms should help stimulate demand.”
The UAE Ministry of Finance has introduced a 5 percent VAE on most goods and services, a first in the country’s 46-year history.
The UAE, a major oil supplier has the most diversified economy in the Gulf Arab region as only 71 percent of the UAE gross domestic product is based on non-oil businesses.
