Dubai’s benchmark stock index retreated to the lowest level in more than seven years on concern that full-year earnings may disappoint and after France and Austria were stripped of top credit ratings.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest tower, fell 2.4 percent. Emirates Integrated Telecommunications Co. (DU) dropped to the lowest level in more than a month. The DFM General Index (DFMGI) lost 1 percent to 1,314.47, the lowest since June 2004, at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index slipped 0.1 percent. In Egypt, the EGX30 Index (EGX30), down 49 percent last year, climbed 1.7 percent.
“There’s some concern over earnings and momentum is very negative at the moment in United Arab Emirates markets,” said Ahmed Talhaoui, the Abu Dhabi-based head of investment and asset management at Royal Capital PJSC. “There’s no positive catalyst, so it’s difficult to see buyers coming into this environment” as European debt woes worsen sentiment, he said.
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