Abu Dhabi’s benchmark stock index slumped to the lowest in almost seven months as oil fell amid mounting concern Europe won’t be able to resolve its debt crisis, threatening global growth.
The benchmark ADX General Index slipped 0.2 percent to 2,531.88, the lowest since March 3, at the 2 p.m. close in Abu Dhabi. The measure is down 6.4 percent this quarter. National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-biggest bank, fell to the lowest since April. First Gulf Bank PJSC, the lender owned by Abu Dhabi’s ruling family, dropped 1 percent. About 37 million shares traded in Abu Dhabi today, compared with this year’s daily average of 69 million shares, according to data compiled by Bloomberg.
Emerging markets declined as they traded for the first time since U.S. Treasury SecretaryTimothy F. Geithner said that failure to combat the Greek-led turmoil threatened “cascading default, bank runs and catastrophic risk.” Billionaire investor George Soros said “something needs to be done” to safeguard Europe’s banks because Greece may be unable to avoid default.
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