Dubai’s benchmark stock index led declines in the Persian Gulf as oil dropped and U.S. government data showed that orders placed with factories for durable goods rose less than economists estimated.
Islamic Arab Insurance Co. (SALAMA), an insurance provider, slumped the most since March 8. Drake & Scull International (DSI), a construction company, declined for the first time this week. The DFM General Index (DFMGI) lost 1.1 percent to 1,663.91 at 11:31 a.m. in the emirate, trimming this year’s rally to 23 percent. Abu Dhabi’s ADX General Index retreated 0.6 percent.
“The external backdrop is not conducive to the continuation of Dubai momentum,” said Julian Bruce, the Dubai- based director of institutional sales trading at EFG-Hermes Holding SAE. “We expect overall enthusiasm to wane going into the weekend.”
No comments:
Post a Comment