Dubai’s Shares Decline on Greece Debt Concerns, Oil: Dubai Islamic Drops - Bloomberg

Dubai’s benchmark stock index fell for the first time in a week as investors await a decision on whether Greece will receive a payment that would help the country avoid a default and after crude oil retreated.

Dubai Islamic Bank PJSC (DIB), the biggest Shariah-compliant lender in the emirate, declined 1 percent. Deyaar Development (DEYAAR) PJSC decreased for a third day. The DFM General Index (DFMGI) slipped 0.6 percent, dropping for the first time since Sept. 12, to 1,462.54, at the 2 p.m. close in Dubai. About 38 million shares traded in Dubai compared with a 12-month daily average of 122 million shares, according to data compiled by Bloomberg. The Bloomberg GCC 200 Index (BGCC200) of the region’s stocks lost 0.4 percent.

“Markets are waiting for a catalyst or even a leading market,” said Fadi Al Said, a Dubai-based senior investment manager at ING Investment Management, which oversees about $518 billion worldwide. Local gauges are responding to a global downtrend in equities “in a more defensive fashion.”

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