Dubai shares drop on first trading day of 2015 as oil slips | The National

Dubai shares drop on first trading day of 2015 as oil slips | The National:



"Dubai’s stocks fell on the first trading day this year as Brent crude slipped to the lowest since May 2009. Abu Dhabi’s shares also retreated.



Dubai’s DFM General Index was down 2 per cent, the most since December 30, to 3,698.60 at 11.52am local time. Emirates NBD led the decline with an 8.3 per cent drop, the steepest since December 24. The ADX General Index in Abu Dhabi, home to about 6 per cent of the world’s proven oil reserves, lost 0.7 per cent. 




Brent crude prices slipped 1.6 per cent to $56.42 a barrel on January 2, after falling 48 per cent last year, the most since the financial crisis. Abu Dhabi relies on oil revenue to fund both the federal and its own budgets. While Dubai’s government revenue isn’t oil based, it has received bailouts from Abu Dhabi, including about $20 billion in 2009 when it teetered on the edge of default."



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