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Dubai shares dip for a third day
DUBAI — Dubai shares retreated a third day, leading a decline in the Gulf, after global markets slumped on concern some European countries will struggle to repay debt and investors trimmed holdings before a Muslim holiday.
Emaar Properties PJSC and Emirates NBD PJSC slipped 0.9 per cent. The DFM General Index slid 0.4 per cent to 1,685.52, in midday Dubai trading in Dubai. The Bloomberg GCC 200 Index of regional stocks fell as much as 0.2 per cent. Saudi Arabia’s and Kuwait’s markets were closed on Sunday for Eid.
November and Qatar’s stock markets will close from today and resume trading on November 21 to mark Islam’s Eid Al Adha holiday. Kuwait is closed until November 18 and Bahrain will shut from November 16 to November 18.
About 48 million shares traded in Dubai on Sunday, compared with a six-month daily average of 117 million shares. Emaar slipped as much as 2.2 per cent to Dh3.59, the lowest intraday level since November 9, and last traded at Dh3.65. Emirates fell for the first time in eight days to Dh3.30.
Abu Dhabi’s measure lost 0.3 per cent and Oman’s benchmark stock index dropped 0.2 per cent. The Bahrain All Share Index was little changed, while Qatar’s QE Index rose less than 0.1 per cent. —
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