Dubai Shares Fall Most in Week on Europe Debt Crisis Concerns - Bloomberg

Dubai’s shares fell the most in almost a week as the heads of Europe’s two biggest economies didn’t provide details on how they will support banks amid a debt crisis that threatens global growth.

Dubai Islamic Bank PJSC (DIB), the biggest Shariah-compliant lender in the emirate, slumped 1.5 percent. Deyaar Development (DEYAAR) PJSC dropped to the lowest intraday level since March. The DFM General Index (DFMGI) slipped 0.3 percent, the most since Oct. 4, to 1,393.99 at 10:52 a.m. in Dubai. About 29 million shares traded in Dubai today, compared with this year’s daily average of 110 million shares. The Bloomberg GCC 200 Index (BGCC200) fell 0.1 percent.

“The delay in responding to Euro debts issues by policy makers is causing investors to stay on the sidelines,” said Tariq Qaqish, deputy head of asset management at Dubai-based Al Mal Capital.

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