Dubai’s stocks are poised for the lowest close in almost seven months, led by Emaar Properties PJSC, as oil declined and amid concern Greece’s effort to cut its deficit won’t be enough to prevent a default.
Emaar, developer of the world’s tallest tower, declined 0.7 percent. Aramex PJSC, the Middle East’s largest courier company, headed for the biggest drop in almost a week. The DFM General Index lost 0.5 percent to 1,441.42, poised for its lowest close since March 8 at 12:32 p.m. in the emirate. The measure is headed for its fourth quarterly drop, retreating 5 percent since the end of June. About 25 million shares traded in Dubai today, compared with this year’s daily average of 113 million shares.
“Our markets are lacking leadership, and what we’re seeing in the rest of the world is increasing the fear factor,” said Mohammed Ali Yasin, chief investment officer at Abu Dhabi-based financial services company CAPM Investments PJSC. “We have been defensive in the face of volatile global markets, but it’s worrying that we’re not seeing the same rebounds here that we see there.”
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