Planned share sell-off hits Dubai stocks

DUBAI — Dubai shares fell to the lowest in more than two months, leading a drop in the Middle East, as the emirate said it plans to sell shares of large companies and on concern an Irish financial bailout won’t stem Europe’s crisis.

By (Bloomberg)

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Published: Mon 29 Nov 2010, 10:53 PM

Last updated: Mon 6 Apr 2015, 5:11 PM

Emaar Properties PJSC closed at the lowest in almost three months. Aramex PJSC decreased 4.3 per cent. The DFM General Index fell 1.4 per cent to 1,659.5, the lowest level since September 16, at the 2p.m. close in Dubai.

The Bloomberg GCC 200 Index of Gulf stocks lost 0.2 per cent in afternoon trading in Riyadh. Egypt’s gauge declined.

Dubai plans to sell shares of some of the emirate’s large companies, Shaikh Ahmed bin Saeed al Maktoum, chairman of the Dubai Supreme Fiscal Committee, said at a conference on Sunday.

About 77 million shares were bought and sold on Sunday.

Emaar decreased 1.4 per cent to Dh3.60, the lowest since September 5. Aramex fell the most since September 30 to Dh1.99.

Abu Dhabi’s measure slipped 0.3 per cent, Qatar’s QE Index retreated and Bahrain’s All Share Index decreased 0.8 per cent. Kuwait’s gauge fell 0.9 per cent, to the lowest in two months.

Saudi Arabia’s Tadawul All Share Index rose 0.3 per cent and Oman’s benchmark stock index increased 0.5 per cent.

In North Africa, Egypt’s EGX 30 Index lost 0.2 per cent. —

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