Dubai’s shares fell, leading declines in the Persian Gulf, after concern over U.S. budget cuts and a delay in the European Union’s bailout of Greece spurred drops in global shares.
Emirates Integrated Telecommunications Co (DU), the United Arab Emirates phone services company known as Du, and construction company Arabtec Holding Co. fell for a second time in three days. The benchmark DFM General Index (DFMGI) dropped 0.3 percent to 1,612.92 points at 12:31 p.m. in the emirate. The Bloomberg GCC 200 Index (BGCC200) of regional stocks lost 0.2 percent and Qatar’s QE Index decreased 0.3 percent.
The Stoxx 600 Index dropped 1.7 percent last week and the MSCI Emerging Markets Index (MXEF) lost 1.4 percent on concern the U.S. will slip back into recession if lawmakers fail to reach a budget compromise on the so-called fiscal cliff, which refers to about $607 billion of tax increases and federal spending cuts set to kick in automatically in January. Euro-area finance ministers may not make a decision on unlocking funds for Greece until late November, a European Union official said last week.
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