Dubai shares fell, leading Gulf markets lower, on concern Europe’s sovereign debt crisis will hurt the global economic recovery and after companies including Kuwait’s Agility posted lower earnings. Crude oil declined.
Agility dropped 3.5 percent as the storage and logistics company said profit fell 52 percent. Vodafone Qatar decreased to the lowest since April 21 after the mobile-phone company reported a loss. Emaar Properties PJSC, developer of the world’s tallest skyscraper, also slid. The DFM General Index declined 1.9 percent to 1,686.35, the lowest in a week, as of 12:58 p.m. in Dubai. The Bloomberg GCC 200 Index of stocks in the Gulf fell 1.3 percent and Egypt’s EGX 30 Index tumbled 2.7 percent.
“Concern about the long-term impact of Greek and European spending cuts on global growth is weighing on oil and equity markets,” said Rabih Sultani, a fund manager at Duet Mena Ltd. in Dubai, a unit of Duet Group, which oversees $2.1 billion.
No comments:
Post a Comment