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Shares Fall on Concern of Debt Restructure

DUBAI - Dubai shares declined for a third time this week on concern about the details of Dubai World’s restructuring of debt when it releases a proposal to creditors next month.

Emaar Properties PJSC, the builder of the world’s tallest skyscraper in Dubai, fell the most since Feb. 14. Dubai Financial Market, the only Gulf Arab stock market to sell shares to the public, declined for a second day. The DFM General Index lost 0.2 per cent, bringing its decline for the week to 3 percent.

The ADX General Index increased 0.3 per cent and Oman’s MSM30 Index climbed 0.8 per cent to 6,795.17, the highest since November 2008.

“US equities rallied the last couple of days and had a positive impact on the Gulf Cooperation Council overall, but Dubai seems to be quiet today as it awaits more news about Dubai World,” said Mohamed Abu Ghoush, head of equity brokerage at Al-Ahli Bank in Doha, Qatar. “The longer the repayment schedule will be, the more pressure on the Dubai index. How long it will take is the question.”

Emaar slid 1.3 per cent to Dh3.03. Dubai Financial Market dropped 0.7 per cent to Dh1.51. The Kuwait Stock Exchange Index gained 0.4 per cent. Qatar’s measure added 0.1 per cent and Bahrain’s gauge increased 0.2 per cent.
 Saudi Arabia’s market was closed for the weekend.