Markets Wrap: Arabian Gulf bourses decline, tracking global markets, as fresh euro-zone worries dampen investor sentiment.
Euro zone casts shadow on second quarter
Arabian Gulf bourses declined yesterday, tracking global markets, as fresh euro-zone worries dampened investor sentiment.
Emaar Properties, the developer behind the world’s tallest skyscraper, fell 2.1 per cent to Dh3.16 in Dubai. Tamweel, the Sharia-compliant mortgage firm, lost 1.6 per cent to Dh1.20. Arabtec Holding, the emirate’s largest contractor, fell 2.3 per cent to Dh2.88.
The Dubai Financial Market General Index lost 1.4 per cent to 1,493.36 points.
Retail investor focus returned to Spain amid concern over the debt-ridden country’s ability to avoid a bailout and that it may be forced to follow Greece, Portugal and Ireland. Oil prices fell, with Brent crude down 2.8 per cent to US$103.75 a barrel.
The news dampened excitement over coming second-quarter earnings releases from UAE companies. “All the turbulence will affect the UAE,” said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai. “We are not going to be isolated from international markets.”
Dana Gas, the explorer and producer, lost 2.6 per cent to 37 fils in Abu Dhabi. Waha Capital, a diversified investment holding company, lost 1.7 per cent to 57 fils.
The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2,469.23.
Elsewhere in the region: Kuwait’s measure lost 0.4 per cent to 5,813.07; Bahrain’s index slipped 0.1 per cent to 1,109.19; Oman’s MSM 30 Index closed 0.1 per cent lower to 5,436.48; Qatar’s QE Index declined 0.2 per cent to 8,265.83.
The Saudi Tadawul All-Share Index fell 0.8 per cent to 6,641.10.
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