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DFM retreats on oil, Europe

Dubai’s benchmark stock index declined the most this month after oil dropped and concern deepened Europe’s debt crisis is spreading. Arabtec Holding, the UAE’s biggest construction company, fell 2.1 per cent. Dubai developer Deyaar Development declined to the lowest in more than a month.

By (UAE STOCK MARKETS)

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Published: Tue 17 Apr 2012, 10:08 PM

Last updated: Tue 7 Apr 2015, 12:52 PM

The DFM General Index slipped 1.6 per cent to 1,649.25 points. Abu Dhabi’s ADX General Index dropped 0.5 per cent to 2,499.67 points.

Saudi Arabia’s Tadawul All Share Index slumped for a third day, trimming this year’s gain to 13.4 per cent.

“Sentiment globally and regionally has been poor, with Saudi Arabia entering the correction zone and oil prices declining,” said Sebastien Henin, who helps oversee $100 million at The National Investor in Abu Dhabi, capital of the UAE. United Nations Security Council members including the US, UK and China will meet Iranian delegates in Baghdad on May 23 following “constructive” talks in Istanbul on April 14, the European Union’s foreign policy chief said.

Oil retreated as much as 0.9 per cent to $101.86 a barrel. Gulf Arab oil exporters, including the UAE and Qatar, supply about a fifth of the world’s oil.

Spain is scheduled to sell debt today and on April 19 as the nation’s borrowing costs approach levels that prompted Greece, Ireland and Portugal to seek bailouts.

The MSCI Emerging Markets Index dropped 0.5 per cent. Arabtec fell to Dh3.28, the lowest since April 2. Deyaar slumped 3.5 per cent to 38.5 fils, the lowest close since March 8.

Qatar’s QE Index slipped 0.1 per cent, Kuwait’s gauge lost 0.3 per cent and Oman’s MSM 30 Index fell 0.9 per cent. Bahrain’s BB All Share Index gained less than 0.1 per cent.

Bloomberg