UAE bourses end lower as uncertainty over Greece's future position in the euro zone hits sentiment and investors cut risk across the region. Dubai's index falls to a 14-week low.
"We are back in Europe to where we were in Q2 last year," says Marwan Shurrab, vice-president and chief trader at Gulfmena Investments. "All the fears are again on Greece and until there is a clear stand towards a direction, global markets will be extremely volatile. It scares investors from making mature, long-term decisions on their investments, which is not healthy for the region."
Bellwether Emaar Properties and Dubai Islamic Bank fall 1.7 and 1.5 percent respectively, weighing on the
index. Deyaar Development sheds 2.9 percent. Contractor Arabtec bucks the trend and closes 4.7 percent, rising from Sunday's near-seven week low as bargain hunters step in.
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