Abu Dhabi shares were set for the biggest drop in more than a month after German business confidence fell more than economists forecast damping the outlook for Europe’s debt crisis.
Abu Dhabi Islamic Bank PJSC (ADIB), the United Arab Emirates’ second-biggest Shariah-compliant lender, slumped 1.9 percent. In neighboring Dubai, Air Arabia PJSC (AIRARABI) declined for a second day. Abu Dhabi’s ADX General Index (ADSMI) decreased 0.4 percent, headed for the biggest drop since April 19, to 2,465.09 at 1:11 p.m. in the emirate. The measure has slipped 0.1 percent this week. Dubai’s DFM General Index (DFMGI) and the Bloomberg GCC 200 Index (BGCC200) fell 0.1 percent.
“Full attention is on Europe, at least leading to the next election in Greece next month,” said Ibrahim Masood, who helps manage about $400 million at Mashreqbank PSC. (MASQ) “There’s not a lot of news flow to expect domestically for the next several weeks.”
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