Dubai’s shares were poised for the lowest close in more than a week amid concern Greece won’t fulfill its bailout commitments and after a policy maker in China warned of cooling economic growth.
Arabtec Holding (ARTC) PJSC, the biggest builder in the United Arab Emirates by market value, fell 1 percent. Deyaar Development (DEYAAR) PJSC, a Dubai-based property developer, retreated for a third day. The DFM General Index (DFMGI) retreated 0.1 percent to 1,513.91, headed for the lowest level since July 15, at 11:45 a.m. in Dubai. The measure rallied 3 percent last week. Qatar’s QE Index declined 0.3 percent.
“The modest rally we’ve seen in United Arab Emirates over the past couple of weeks is already under threat,” said Julian Bruce, the Dubai-based director of institutional sales trading at EFG-Hermes Holding SAE. “For the uptrend to be maintained, typical Ramadan apathy exhibited by locals would have to be compensated for by increased western institutional interest but against the current backdrop that would seem to be a big ask.”
No comments:
Post a Comment