Dubai’s shares headed for the lowest level in four months as oil prices fell and investor concern that Europe’s debt crisis may worsen curbed appetite for riskier assets.
Shuaa Capital PSC (SHUAA), the investment bank controlled by Dubai’s ruler, plunged to the lowest level in more than three months. Gulf General Investment Co. (GGICO), a Dubai-based investment company, tumbled 6.8 percent. The DFM General Index (DFMGI) lost 0.9 percent to 1,461.88, poised for the lowest close since Feb. 2, at 12:36 p.m. in the emirate. The Bloomberg GCC 200 Index, which tracks the biggest 200 companies in the six-nation Gulf Cooperation Council, fell 0.1 percent.
“Prices are falling on worries over Europe’s debt problems and falling oil prices,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. About 49 million shares were traded in Dubai, compared with a daily 12-month average of about 140 million shares, data compiled by Bloomberg show.
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