x Abu Dhabi, UAESunday 23 July 2017

Dubai stock rally loses power

The Dubai Financial Market General Index dropped 1.3 per cent, the most since December 21, to 1,654.20 at the close yesterday in the emirate as the price of oil slipped again.

North Sea Brent fell three quarters of a per cent, dropping 95 cents to US$125.70 a barrel. Suzanne Plunkett / Bloomberg News
North Sea Brent fell three quarters of a per cent, dropping 95 cents to US$125.70 a barrel. Suzanne Plunkett / Bloomberg News

The Dubai Financial Market General Index dropped 1.3 per cent, the most since December 21, to 1,654.20 at the close yesterday in the emirate as the price of oil slipped again.

North Sea Brent fell three quarters of a per cent, dropping 95 cents to US$125.70 a barrel. The commodity has risen 16 per cent this year after gaining 13.3 per cent last year.

The pressure on the price of oil comes after a warning from the IMF that the global economy is still fragile, and growth could be hindered by high oil costs.

Gulf Navigation Holding, a shipping company that specialises in the shipment of oil and chemicals, was one of the biggest decliners on the day, down 5.6 per cent to Dh0.371 a share.

Arabtec Holding rose for a fifth day, gaining 2.6 per cent to Dh3.2. Groups led by Orascom Construction and Arabtec, the UAE' biggest construction company, are competing with two others to build a hotel near central Cairo's Tahrir Square, according to reports.

The Dubai Financial Market lost the most in more than a month, dropping 4.2 per cent to 95.5 fils. The only publicly traded Gulf Arab stock market posted its first full-year loss after trading values and volumes in Dubai fell.

Qatar Fuelsurged to the highest on record, advancing 10 per cent to 299.4 riyals.

The country's fuel distributor and retailer posted a 7.5 per cent increase in profit last year to 1.16 billion Qatari rials (Dh 1.17bn).

Abu Dhabi Securities Exchange General Index gained 0.1 per cent at 2,572.

* with Bloomberg News

lmiller@thenational.ae