The country is prone to landslides during the rainy season, with the problem aggravated in some places by deforestation
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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.
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