Wednesday 25 May 2011

Dubai Shares Drop a Fifth Day, Led by Emaar, on Europe Debt Crisis Concern - Bloomberg

Dubai’s shares retreated for a fifth day, led by Dubai Islamic Bank PJSC (DIB), as emerging-market stocks slumped amid concern Europe’s sovereign debt crisis will spread and slow the global economic recovery. Oil declined.

Dubai Islamic, the United Arab Emirates’ biggest bank complying with Shariah rules, dropped 1.9 percent and Emaar Properties PJSC (EMAAR), builder of the world’s tallest skyscraper, declined a third day this week. The DFM General Index (DFMGI) lost 1 percent to 1,528.57 at 11:19 a.m. in Dubai, the longest losing streak since January. The Bloomberg GCC 200 Index (BGCC200) slipped 0.2 percent and the MSCI Asia Pacific Index slid 0.6 percent.

“The euro macro theme is predominant at the moment, influencing risk appetite,” said Anastasios Dalgiannakis, a Dubai-based trader at Mubasher Financial Services.

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