GulfBase Live Support
28/06/2010 00:00 AST
Dubai stocks fell to the lowest in more than a week as a meeting of Group of 20 leaders failed to reassure investors about the strength of the global economic recovery and on concern banking earnings may disappoint.
Dubai’s DFM General Index lost 1.2 percent to 1,515.39, the lowest since June 17. Emaar Properties PJSC, the developer of the world’s tallest skyscraper, led the drop and Commercial Bank of Dubai, which has a 4.4 percent weighting in the emirate’s benchmark index, slid to the lowest in more than a year. Oman’s MSM 30 Index declined 0.5 percent.
“The main focus for markets has been the G-20 meeting, as there is a lot of speculation on the banking sector” globally and locally, said Paul Cooper, managing director at Sarasin- Alpen & Partners Ltd. in Dubai, which oversees more than $500 million in the Middle East. Gulf investors “are waiting for the earnings season to kick off” and find out about the banks’ provisioning, he said. Companies will start announcing second- quarter earnings next month.
Dubai World’s creditor banks may have to set aside 10 percent of the value of their loans to the company to cover losses after the state-owned company altered the terms on $23.5 billion of debt, Credit Suisse Group AG said June 15. The company’s loans have a fair value of 44 cents to 46 cents to the dollar after the restructuring proposal, JPMorgan Chase & Co. said that day.
G-20 Meeting
Global efforts to tighten banking oversight have gained momentum, U.S. President Barack Obama said following the G-20 meeting. Group leaders yesterday agreed to pursue higher capital requirements for banks once their economic recoveries take root. The leaders endorsed targets to cut deficits at least by half by 2013 and stabilize their debt-to-output ratios by 2016.
Emaar retreated 2.1 percent to 3.20 dirhams, the lowest since June 17. Commercial Bank of Dubai dropped 4.9 percent to 2.90 dirhams, the lowest since May 2009, as 25,000 shares traded in one transaction. Deyaar Development PJSC, a Dubai-based developer, decreased 4.4 percent to 33 fils. The shares had tumbled 9.9 percent earlier today.
Crude oil fell from a seven-week high, losing as much as 1.1 percent to $78.02 a barrel.
Saudi Arabia’s Tadawul All Share Index and Qatar’s QE Index declined 0.3 percent. The Kuwait SE Price Index retreated 0.2 percent, while Abu Dhabi’s ADX General Index and Bahrain’s gauge increased 0.1 percent.
Bloomberg
ADX 4,608.97
23.76 (0.52
DFM 3,091.15
-9.24 (-0.30
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
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