Dubai’s Shares Decline to Week Low, Led by Emaar, on Italy Debt Concern - Bloomberg

Dubai’s shares dropped to the lowest level in a week, led by Emaar Properties PJSC (EMAAR), after a surge in Italian bond yields stoked concern that Europe’s debt crisis is worsening and may thwart a global economic recovery.

Emaar, developer of the world’s tallest building, tumbled 1.9 percent. Dubai Financial Market PJSC declined to the lowest intraday level in two weeks. The DFM General Index (DFMGI) dropped 0.9 percent to 1,377.33 at 11:14 a.m. in Dubai, bringing its drop in the past two trading days to 0.5 percent. The market was closed earlier this week for a Muslim holiday. Abu Dhabi’s ADX General Index (ADSMI) slipped 0.2 percent.

“Investors are worried about the recent development in the eurozone and the large fluctuations in the global stock markets,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.

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