Dubai’s shares retreated the most in almost a month after European governments failed to agree on a payment to prevent Greece from default and as Goldman Sachs Group Inc. cut two of the emirate’s biggest banks.
Emirates NBD, the biggest lender in the United Arab Emirates by assets, dropped the most on record. Dubai Islamic Bank PJSC (DIB), which has the second-biggest weighting on the benchmark index, fell the most in a month. The DFM General Index (DFMGI) slipped 1.7 percent, the most since May 23, to 1,572.46 at the 2 p.m. close in the emirate. Excluding today, Dubai’s measure rose 2.5 percent this month on speculation MSCI Inc. will upgrade the U.A.E. to emerging-market status tomorrow. The Bloomberg GCC 200 Index (BGCC200) fell 0.9 percent at 2:06 p.m. in Riyadh.
“The worries over Greece and China are weighing on the markets,” said Akram Annous, Middle East and North Africa strategist at Al Mal Capital PSC in Dubai. “MENA volatility relative to global volatility is down significantly, though you do have to wonder how much longer these markets will hold up if the global slowdown fears become a reality.”
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