UAE markets nervously look to Greece woes

Local markets decline at the open amid speculation Greece may be nearing a default on its sovereign debt, bolstering concern that the crisis will spread to the banking system.

In Dubai, Emaar Properties dropped 1 per cent to Dh2.80 a share. Dubai Financial Market Company, the only bourse to ever sell its shares to the public, slumped 1.7 per cent to Dh1.13 a share. Takaful Emarat Insurance was down 0.9 per cent to 71 fils a share.

The Dubai Financial Market General Index was down 0.3 per cent to 1468.80 points.

On the Nasdaq Dubai, DP World, the Dubai-based ports operator, slumped 3.6 per cent to $9.55 a share.

In the capital, Aldar Properties dropped 0.8 per cent to Dh1.21. Waha Capital lost 1.5 per cent to 64 fils a share. First Gulf Bank was down 2.6 per cent to Dh15 a share.

Elsewhere in the region, Kuwait's measure was little changed at 5982.10. Bahrain's index lost 0.6 per cent to 1263.16. Oman's measure lost 0.1 per cent to 5706.84 points. Qatar's benchmark lost 0.1 per cent to 8368.14. The Saudi Tadawul All-Share Index was little changed at 6140.79 points.

halsayegh@thenational.ae