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EU debt crisis, timid global economy hit Dubai shares

Emaar Properties, the developer of the world’s tallest skyscraper in Dubai, slumped the most in almost six months. Tamweel, a mortgage lender, fell to the lowest since March 1.The benchmark DFM General Index dropped two per cent to 1,441.8 points, the lowest level since February 2. Abu Dhabi’s ADX General Index fell 0.6 per cent to 2,426.82 points.

Egypt’s EGX30 Index dropped 1.3 per cent at the close in Cairo as a verdict in the trial of former President Hosni Mubarak sparked protests.

The decline in Dubai is “more related to oil,” Sebastien Henin, who helps oversee $100 million at The National Investor in Abu Dhabi, said by e-mail. “The second reason is the lack of visibility in the eurozone. Losing only two per cent in this current international meltdown is very good.”

About 124 million shares were traded in Dubai, compared with 12-month daily average of about 139 million shares, according to data compiled by Bloomberg. Emaar tumbled 4.1 per cent, the most since December 15, to Dh2.79. Tamweel lost 4.4 per cent to Dh1.1.

Egypt retreats

Egypt’s gauge declined to 4,620.75 points, the lowest intraday level since April 11.

“Today’s market is definitely politically driven and the global scene is not helping make things better,” said Omar Darwish, equity sales trader at Cairo-based Commercial International Brokerage. “People are back in Tahrir Square demanding the fall of the regime as if nothing had happened over the past year and a half and this may result in the delay of the presidential election.”

EFG-Hermes Holding advanced as much as 9.9 per cent before trading 0.8 per cent higher at E£11.06. The biggest publicly traded Arab investment bank rejected a takeover bid from Planet IB in favour of a joint-venture with Qatar’s QInvest.

Elsewhere, Kuwait’s measure dropped 1.2 per cent and Qatar’s QE Index fell one per cent. Oman’s MSM30 Index retreated 0.6 per cent, while Bahrain’s index declined 0.1 per cent. Saudi Arabia’s measure rose 0.3 per cent after tumbling the most since August on Saturday.