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Dubai shares fall most in more than a week
DUBAI — Dubai’s benchmark stock index fell the most in more than a week after the US Federal Reserve signalled “significant downside risks” to the world’s largest economy.
The DFM General Index slipped 0.8 per cent, the most since September 12, to 1,460.29 at the close in Dubai. The index fell 0.5 per cent this week. About 69 million shares traded in Dubai on Thursday, compared with this year’s daily average of 114 million shares, according to data.
Emaar Properties decreased 1.1 per cent and du dropped to a month low. Emaar fell the most since September 12 to Dh2.79 and du dropped 0.7 per cent to Dh3, the lowest since August 21.
“Local markets are reacting to the US selloff yesterday and today’s continued selloff in Asia and Europe,” said Saad Al Chalabi, an institutional trader at Al Ramz Securities in Abu Dhabi.
Abu Dhabi’s ADX General Index was little changed, while Qatar’s QE Index declined 0.6 per cent. Oman’s MSM 30 Index and Kuwait’s gauge retreated 0.7 per cent. Bahrain’s BB All Share Index dropped 0.9 per cent to the lowest since at least July 2004.
Gulf CDS rise on global woes
The cost of insuring Gulf debt rose on Thursday, with Dubai’s CDS rising to the highest level in at least six months as global recession fears lead to a sense of risk aversion in financial markets.
Dubai’s five-year credit default swaps (CDS) were at 470 points at 1246 GMT, up from 431 points on September 21, according to data from Markit, and the highest levels since early March, according to data from Markit.
Abu Dhabi CDS rose to 117 points on Thursday, up from 106 points a day earlier, while Qatar CDS rose to 118 points, from 106 points on Wednesday. —
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