Wednesday 28 April 2010

Dubai Index Leads Gulf Shares Lower on Europe Crisis, Oil Drop

Dubai shares slid to the lowest level in more than a month, leading declines in the Gulf, after credit-rating downgrades in Europe spurred concern the debt crisis may derail the global recovery and as oil fell.

Emaar Properties PJSC, the developer of the world’s tallest skyscraper, fell to the lowest since March 24. Abu Dhabi-based Aldar Properties PJSC and Sorouh Real Estate PJSC tumbled more than 5 percent after HSBC Holdings Plc downgraded the stocks. Abu Dhabi Commercial Bank PJSC declined as profit dropped. The DFM General Index lost 1.9 percent to 1,714.09, the lowest since March 11. Abu Dhabi’s index retreated 0.9 percent.

Global stocks slid for a second day and the cost to insure against bond losses rose after downgrades of Greece and Portugal fueled concern about sovereign defaults. The MSCI Emerging Markets Index declined 1.8 percent at 2:46 p.m. in Dubai. The gauge has gained 12 percent since a low for the year on Feb. 8 on signs the global economy is recovering.

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