DFM declines 1.4% on global economic concern

Dubai shares fell for an eighth day, the longest losing streak since 2006, after US job data fuelled concern the global economy is weakening.

By (Bloomberg)

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Published: Mon 7 May 2012, 11:01 PM

Last updated: Tue 7 Apr 2015, 12:54 PM

The DFM General Index retreated 1.4 per cent to 1,560.28, the lowest since February 16. The gauge has declined 6.6 per cent in the past eight days, trimming a rally for the year to 15 per cent.

Emaar fell to Dh3.05, Dubai Investments slumped 3.5 per cent to 74.9 fils.

Abu Dhabi’s ADX General Index fell 0.3 per cent to 2,495.31 points.

“Investment sentiment is negative following weak employment and economic numbers from the US over the weekend,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.

Egyptian stocks advanced for a second day. The main index headed for the highest close in more than a month, gaining 1.2 per cent to 4,987.31 points at 12:20pm in Cairo, after EFG-Hermes Holding and Qatar’s QInvest said they plan to create an investment bank.

Cairo-based EFG-Hermes said on May 4 it agreed with QInvest to start the venture that will be 60-per cent owned by the Qatari firm. QInvest, a unit of Qatar Islamic Bank, will invest $250 million.

EFG-Hermes shares were suspended by the bourse pending the release of more information. The Egyptian Exchange also cancelled all May 3 trades in the stock, without giving a reason. The shares are up 31 per cent this year, compared with a 38-per cent increase for the benchmark index.

Oman’s MSM 30 Index and Saudi Arabia’s benchmark Tadawul All Share Index fell 0.3 per cent. Kuwait’s gauge retreated 0.1 per cent, while Qatar’s QE Index rose 0.2 per cent and Bahrain’s gauge climbed 0.3 per cent. —

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