Sell-off on UAE bourses continues for second day

Sell-off on UAE bourses continues for second day

The sell-off on the UAE stock markets continued for the second day at the opening of the trade on Monday.. Barring Aman shares, all 22 stocks were trading in negative territory.. Amlak Finance, Damac Properties, Emaar Malls, Shuaa Capital and DXB Entertainments were the worst performing scrips on Monday morning.. Abu Dhabi Securities Exchange was also down by 0.7 per cent on Monday morning, led by fall in Watania, Dana Gas, Waha Capital, RAK Properties and Eshraq.. Similar to Dubai bourse, only Abu Dhabi Ship Building scrip was trading in positive on Monday morning.. The sell-off was prompted by regional economic worries, slump in oil prices and renewed US-China trade war worries.. WTI crude was down by nearly 7 per cent while Brent was trading 1.44 per cent lower on Monday morning.. Saudi finance minister Mohammed Al Jaddan comments also caused a worry among investors, who stated of likely painful and deep spending cuts for the country post the current oil price fall and global slowdown.. The comments indicate the kingdom is likely to slash spending by more than initial numbers of 15 to 20 per_cent.. On Saturday, Moody's Investors Service cut the kingdom's rating outlook, citing deteriorating state of