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Dubai Stocks close lowest since July
Dubai shares are poised for their lowest close since July, led by Emaar Properties PJSC and Emirates NBD, as investors price in the emirate’s debt burden.
Emaar, the United Arab Emirates’ biggest real-estate developer, slumped 10 percent. Union Properties PJSC is headed for the lowest close since April 2. Emirates NBD retreated to the lowest since September. The DFM General Index slid 5.5 percent, the biggest fluctuation among global benchmarks tracked by Bloomberg, to 1,750.8 at 12:02 p.m. in the emirate, heading for the lowest close since July 22.
Emaar fell to 3.15 dirhams. Union Properties tumbled 8 percent to 0.69 dirham. The developer hired Ernst & Young LLP to raise 1.2 billion dirhams ($327 million) to finance the construction of its Formula One theme park in Dubai, The National reported.
Emirates NBD, the region’s biggest publicly traded bank by assets, lost 4.8 percent to 3.77 dirhams, heading for its lowest close since Sept. 14.
Kuwait Stock Exchange Index and Saudi Arabia’s Tadawul All Share Index lost 0.4 percent percent. Abu Dhabi’s index fell 1.2 percent.
Qatar’s DSM 20 Index added 1.6 percent, Oman’s MSM30 Index rose 0.4 percent and Bahrain’s measure gained 0.3 percent.
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