x Abu Dhabi, UAEWednesday 24 January 2018

Dubai shares follow Europe's lead downwards

Markets Wrap: Local stock markets feel the heat from Europe's debt crisis, ending the week on a bleak tone.

Dubai's shares declined on Thursday, tracking global markets, spurred by Europe's unravelling debt crisis.

Emaar Properties, the region's biggest developer, lost 1.4 per cent Dh2.66. Dubai Financial Market Company, the only bourse in the region to ever sell its shares to the public, lost 1.1 per cent 99 fils.The DFM General Index lost 0.5 per cent to 1382.72 points.

In the capital, Dana Gas lost 1.8 per cent. Aldar Properties lost 0.9 per cent, while Sorouh Real Estate lost 3 per cent. The ADX General Index lost 0.2 per cent to 2477.84 points.

Investor sentiment worsened after global markets reacted to surging Italian bonds fueling concern that Europe's debt crisis is worsening and may stall a global economic recovery.

Elsewhere in the region, Qatar's QE Index was little changed at 8697.58 points. Bahrain's index lost 0.4 per cent to 1154.20 points. Saudi Arabia, Oman and Kuwait's markets were closed for Eid.