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DFM Slips on Global Drop; Shuaa, Aldar Fall
DUBAI — Dubai’s index slid the most in almost two weeks, leading declines in the Gulf, as crude prices tumbled to the lowest level in seven weeks and investors awaited details of a new oil field off the emirate’s coast.
Shuaa Capital PSC slumped the most in two weeks after reporting a fourth-quarter loss of Dh154.3 million ($42 million). Aldar Properties PJSC dropped the most since January 26.
The DFM General Index lost two per cent to 1,630.81 points and Abu Dhabi’s ADX General Index lost 0.9 per cent.
“There is still an atmosphere of risk adversity and so we see a magnified effect on any sell-off, especially in the U.A.E. where liquidity is close to record lows,” said Julian Bruce, director of equity sales at EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank.
“There is no news on Dubai World, no disclosure regarding the size of the new oil discovery so there is no reason to buy.” Shuaa declined 7.5 per cent, the most since January 24, to Dh1.24. Aldar dropped 3.9 per cent to Dh3.94. Emaar Properties PJSC fell for the first time in five days, sliding 3.3 per cent to Dh3.2. —
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