Thursday 3 February 2011

Dubai’s Shares Snap Two-Day Advance as Egypt Protests Worsen - Bloomberg

Dubai’s shares dropped, snapping two days of gains, as opposing groups clashed in Egypt, fueling concern the political crisis in the North African country will spread.

Aramex PJSC, the Middle East’s biggest courier company and provider of services in Egypt, declined to the lowest since November. Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest Shariah-compliant lender, retreated the most since Jan. 30. The DFM General Index dropped 0.9 percent, the most since Jan. 30, to 1,581.01 at the 2 p.m. close in the emirate, bringing its weekly decline to 2 percent. The gauge surged 3.3 percent yesterday.

“The latest developments in Egypt have made investors cautious after yesterday’s rally,” said Sebastien Henin, a portfolio manager at The National Investor in Abu Dhabi.

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