Dubai’s shares led declines in the Persian Gulf as oil declined and amid concern new leaders in Europe will struggle to contain the soverign debt crisis after Italy paid the highest yield since 1997 at a sale of five-year bonds.
Air Arabia, the Middle East’s biggest no-frills airline, declined 1.4 percent after it had its price estimate cut 4.6 percent at Morgan Stanley. Emirates Integrated Telecommunications Co., the United Arab Emirates phone company known as Du, slipped to the lowest in almost two weeks. Dubai’s DFM General Index retreated 0.4 percent to 1,387.81 at the 2 p.m. close in the emirate after rising 0.7 percent yesterday. The Bloomberg GCC 200 Index of Gulf shares dropped 0.1 percent.
“External markets have been unable to maintain momentum,” and “buyers here applied the brakes,” said Julian Bruce, equity sales head at EFG-Hermes Holding SAE in Dubai.
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