Dubai shares retreat most 
in a month

DUBAI - Dubai’s shares retreated the most in almost a month after European governments failed to agree on a payment to prevent Greece from default and as Goldman Sachs Group Inc. cut two of the emirate’s biggest banks.

By (Bloomberg)

Published: Tue 21 Jun 2011, 11:42 PM

Last updated: Tue 7 Apr 2015, 4:51 AM

Emirates NBD, the biggest lender in the UAE by assets, dropped the most on record. Dubai Islamic Bank PJSC, which has the second-biggest weighting on the benchmark index, fell the most in a month. The DFM General Index slipped 1.7 per cent, the most since May 23, to 1,572.46 at the 2 pm close in the emirate. Excluding on Monday, Dubai’s measure rose 2.5 per cent this month on speculation MSCI Inc. will upgrade the UAE to emerging-market status tomorrow. The Bloomberg GCC 200 Index fell 0.9 per cent at 2:06 pm in Riyadh.

Emirates NBD dropped 6.4 per cent, the most since October 2007 when the bank was formed following a merger, to Dh4.24. Dubai Islamic Bank fell 1.4 per cent, the most since May 25, to Dh2.07. Emaar Properties PJSC, the biggest weighted stock on the index and the developer of the world’s tallest tower in Dubai, lost 2.2 per cent to Dh3.15.

Abu Dhabi Commercial Bank PJSC retreated the most since March 2, falling 2.7 per cent to Dh3.2. Abu Dhabi’s ADX General Index dropped 0.7 per cent, Oman’s benchmark stock index retreated 0.2 per cent, while Saudi Arabia’s measure fell 0.8 per cent. Bahrain’s BB All Share Index was little changed.

More news from Business
In-store shopping regains trust


In-store shopping regains trust

What is happening now is that as Covid-19 cases continue to decline, residents are regaining confidence in in-store shopping. This is according to a Kearney study in which UAE respondents cite convenience (51 per cent), enhanced shopping experience (49 per cent) and competitive pricing (44 per cent) as the main motivators driving them back to brick and mortar stores

Business3 days ago