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Dubai shares retreat on Europe debt, oil
DUBAI — Dubai’s benchmark stock index on Monday fell for the first time in a week as investors await a decision on whether Greece will receive a payment that would help the country avoid a default and after crude oil retreated.
Dubai Islamic Bank PJSC declined one per cent. Deyaar Development PJSC decreased for a third day.
The DFM General Index slipped 0.6 per cent, dropping for the first time since September 12, to 1,462.54 points. About 38 million shares traded in Dubai compared with a 12-month daily average of 122 million shares, according to data compiled by Bloomberg. The Bloomberg GCC 200 Index of the region’s stocks lost 0.4 per cent.
Abu Dhabi’s ADX General Index fell 0.26 per cent to 2,564.02 points.
“Markets are waiting for a catalyst or even a leading market,” said Fadi Al Said, a Dubai-based senior investment manager at ING Investment Management, which oversees about $518 billion worldwide. Local gauges are responding to a global downtrend in equities “in a more defensive fashion.”
Dubai Islamic dropped the most since September 8 to Dh2. Deyaar, the property company part-owned by Dubai Islamic, lost 1.5 per cent to 26.1 fils, the lowest since August 9.
Qatar’s QE Index declined 0.3 per cent, Saudi Arabia’s Tadawul All Share Index and Kuwait’s gauge retreated 0.4 per cent each. Oman’s MSM 30 Index declined 0.1 per cent and Bahrain’s BB All Share Index dropped 0.6 per cent to the lowest since at least July 2004, when Bloomberg started tracking the index.
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