Dubai shares fall

09/12/2014 04:23 AST

Dubai shares fell, pushing the benchmark index into its second bear market since May, after oil slumped and Emaar Properties traded without the right to its dividend.

The DFM General Index slipped 3.3 per cent at the close to 4,030.79, the lowest since June 30. The gauge has declined 22 per cent since the most recent peak in September.

Emaar, the real-estate developer that accounts for more than 18 per cent of Dubai's gauge, decreased seven per cent to the lowest in almost nine months. Brent crude, the benchmark grade for more than half the world's oil, dropped to $67.58 a barrel at 10:22am in London, the lowest level since October 2009.

"There's wider concern about the ramifications of the weaker oil price on economies in the region," Saleem Khokhar, who helps oversee about $3 billion at NBAD Asset Management Group, said by telephone from Abu Dhabi. "Quite a few investors were holding Emaar for its dividend payment and sold it after the deadline last week."


Times of Oman

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