Abu Dhabi shares retreated to the lowest in almost three years on speculation Dana Gas PJSC may struggle to refinance debt and as investors trimmed holdings of riskier assets on concern Europe’s debt crisis may worsen.
Dana Gas, which has a $1 billion Islamic bond maturing in October, tumbled to the lowest intraday level on record. Emirates Telecommunications Corp. declined for a third day. The ADX General Index lost 0.6 percent to 2,330.79, the lowest level since March 2009, at 12:38 p.m. in Abu Dhabi. Dubai’s DFM General Index fell 0.8 percent, extending its drop after closing at the lowest since June 2004 yesterday.
The MSCI Emerging Markets Index lost 0.6 percent before a debt sale by France, which was stripped of its top credit rating by Standard & Poor’s. S&P also cut eight other European nations on concern the region hasn’t done enough to contain its debt crisis. About 44 million shares traded in Abu Dhabi today, compared with a 12-month daily average of 62 million shares.
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