Dubai shares headed for their lowest close in three months as Europe’s sovereign debt crisis weighed on the global economy and theInternational Energy Agency said it may release more oil reserves to stabilize prices.
The benchmark DFM General Index (DFMGI) fell 1.2 percent to 1,519.84 as of 12:57 p.m. local time, poised for the lowest close since March 21. Aramex PJSC, the Middle East’s largest courier company, dropped 2.2 percent and was headed for the lowest end-of-day price since June 9, while construction company Drake & Scull International (DSI), tumbled 2.2 percent to the lowest in more than three months. The Bloomberg GCC 200 Index (BGCC200), which tracks the top 200 companies in the Persian Gulf region, rose 0.1 percent.
Concern Greek lawmakers will fail to pass austerity measures to ensure the next instalment of the nation’s international bailout helped push down European stocks last week, while U.S. equities posted their seventh loss in eight weeks as the Federal Reserve cut its growth forecast. Oil tumbled 4.6 percent on June 23 after the IAE’s decision to release 60 million barrels over 30 days.
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