Abu Dhabi Shares Fall to 3-Week Low as Mideast Unrest Spreads; Oman Drops - Bloomberg

Abu Dhabi’s benchmark stock index dropped to the lowest level in almost three weeks as political unrest in the Middle East intensified with demonstrations in Libya, Bahrain, Yemen and Morocco.

Aldar Properties PJSC, Abu Dhabi’s biggest developer, declined for a fourth day. Abu Dhabi Commercial Bank PJSC, the United Arab Emirate’s third-biggest bank by assets, fell 2.2 percent. The ADX General Index retreated 0.5 percent to 2,619.08, the lowest intraday level since Feb. 2 at 12:17 p.m. in Abu Dhabi. Dubai’s DFM General Index lost 0.3 percent and Oman’s MSM30 Index fell 0.8 percent.

“Foreign investors are exiting the region as risk increases,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the U.A.E.’s second-largest lender by assets. “They are turning to markets with more political stability as the region faces this transitional period, from both a political and security perspective.”