Dubai’s shares dropped to the lowest level in almost a month as Middle East markets retreated after oil had its biggest weekly slump since 2008 following the death of al-Qaeda leader Osama bin Laden.
Egypt’s EGX 30 Index (EGX30) tumbled 1.5 percent to 4,862.68 at 12:47 p.m. in Cairo on reports sectarian clashes killed nine. In Dubai, Arabtec Holding PJSC, the biggest publicly traded construction company in the United Arab Emirates, lost 1.4 percent. Emirates Integrated Telecommunications Co. (DU) dropped the most in a month. The DFM General Index (DFMGI) fell 1 percent to 1,591.75, the lowest since April 12, at the 2 p.m. close in Dubai. The Bloomberg GCC 200 Index (BGCC200) of the region’s stocks declined 0.2 percent.
“There was a lot of volatility at the end of last week on the back of the commodity sell-off and the latest issues with Greece; this is a cloud over local markets,” said Ahmed Talhaoui, the Abu Dhabi-based head of investment at Royal Capital. “There is a negative momentum on regional markets” even as Aldar Properties PJSC (ALDAR) posted “positive results,” he said.
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