x Abu Dhabi, UAEWednesday 24 January 2018

Europe's shadow on Dubai

Dubai's benchmark dropped on Monday, tracking global markets on fears of a worsening European debt crisis.

Emaar Properties was down 0.7 per cent.
Emaar Properties was down 0.7 per cent.

Dubai shares dropped, tracking global markets, after a meeting of euro-zone finance ministers over the weekend failed to come up with plans to address Europe's debt crisis.

"It started off with Asia down, then our markets, followed by Europe," said Haissam Arabi, the chief executive at Gulfmena Investments in Dubai. "Investors are still worried about the euro zone and Greece defaulting."

Emaar Properties was down 0.7 per cent to Dh2.79 a share. Dubai Financial Market, the only regional bourse to sell its shares to the public, was down 1.7 per cent to Dh1.12 a share.

Shuaa Capital was up 0.9 per cent to 85 fils a share after the country's biggest investment bank said it had teamed up with Bloomberg Tradebook to provide international traders direct access to UAE markets, in addition to algorithmic trading strategies tailored to UAE equity products.

In the capital, Dana Gas was down 1.7 per cent to 55 fils a share. Aldar Properties, Abu Dhabi's biggest developer, lost 1.6 per cent to Dh1.19 a share. Sorouh Real Estate, the capital's second-biggest developer, was down 1.7 per cent to Dh1.14 a share. Union National Bank dropped 3 per cent to Dh3.15 a share.

The Abu Dhabi Securities Exchange General Index was down 0.2 per cent to 2,564.02 points.

Elsewhere in the region, Kuwait's measure lost 0.4 per cent to 5,976.70 points. Bahrain's index was down 0.5 per cent to 1,257.29 points. Oman's bourse lost 0.1 per cent to 5,734.92 points.

The Saudi Tadawul All-Share Index was down 0.4 per cent to 6,118.34 points.