x Abu Dhabi, UAE Thursday 20 July 2017

Dubai stock market hits a three-month low

Local markets took cues from a slide in international equities last week and traded largely flat.

Brent crude prices fell 2 per cent on Friday after the International Energy Agency announced the release of 60 million barrels of oil from strategic stockpiles. AFP
Brent crude prices fell 2 per cent on Friday after the International Energy Agency announced the release of 60 million barrels of oil from strategic stockpiles. AFP

Dubai's market fell to its lowest point in three months as investors tracked a slump across international equities and a drop in oil prices.

Global stocks fell last week amid concerns that the Greek government may not win parliamentary consent on austerity measures that are crucial for securing more bailout funds.

Brent crude prices also fell 2 per cent on Friday after the International Energy Agency, which represents 28 oil-importing nations, announced the release of 60 million barrels of oil from strategic stockpiles.

The Dubai Financial Market General Index retreated more than 1 per cent to 1,521.15 points, while the Abu Dhabi Securities Exchange General Index ended flat.

Among the losers, Aldar Properties slipped after Abu Dhabi's largest developer had its ratings lowered by Moody's. The most heavily traded stock in the capital fell 2.1 per cent to Dh1.27.

But Emirates NBD, the country's biggest bank, bucked the wider trend and was among the top gainers in Dubai after it announced a reshuffle of its top executives. The lender announced the appointment of Sheikh Ahmed bin Saeed Al Maktoum as its new chairman, replacing Ahmed Humaid Al Tayer.

Shares in the company advanced 0.7 per cent to Dh4.13. The bank offers only 5 per cent of its equity to foreign investors, making it a more illiquid stock.

Egypt's stock market slipped 0.7 per cent to 5,438 points after an initial rise at the opening bell as investors were buoyed by the country's move to reduce foreign debt.

fhalime@thenational.ae