x Abu Dhabi, UAEFriday 28 July 2017

Debt fears shake investors

Regional stock markets fell yesterday as the growing threat of a Greek default sent shares tumbling across the Middle East.

Emaar Properties lost 1.4 per cent to Dh2.79 a share.
Emaar Properties lost 1.4 per cent to Dh2.79 a share.

Regional stock markets fell yesterday as the growing threat of a Greek default sent shares tumbling across the Middle East.

The Dubai Financial Market General Index was down 0.9 per cent at 1,460.20 points, the lowest intraday level since August 28.

Emaar Properties, the developer of the Burj Khalifa, fell 1.4 per cent to Dh2.79.

"We are not being impacted as bad as international markets," said Fadi Al Said, a senior fund manager at ING Investment Management. "A lot of investors have already exited the market.

"Hedge funds and others that are not committed to the region rushed out, then retail investors who have leveraged their equities. The ones who are left now have faith that the valuations downside is not high, and if they drop further they may warrant bargain buying."

In the capital, property stocks sent the Abu Dhabi Securities Exchange General Index down 0.3 per cent to 2,583.95.

Aldar Properties was down 1.6 per cent at Dh1.20. Sorouh Real Estate was down 1.6 per cent at Dh1.16. RAK Properties declined 2.7 per cent to 35 fils.

Elsewhere in the region: Bahrain's index was down 0.4 per cent to 1,265.49; Kuwait's measure was little changed at 5,977; Oman's index lost 0.6 per cent to 5,675.76; Qatar's index fell almost 1 per cent to 8,294.73. The Saudi Tadawul All Share Index was down 1.6 per cent at 6,037.25.

 

halsayegh@thenational.ae