Dubai shares fall after global sell-off

03/06/2011 00:00 AST

Dubai shares retreated to their lowest in a week after Moody's, the credit ratings agency, raised the probability of Greece's defaulting on its debt to 50 per cent, igniting a global sell-off.

"There is pressure across the board. There is no escaping any asset class this morning. It is as if we are all trading the same stock all over the world," said Haissam Arabi, the chief executive of Gulfmena Investments in Dubai. "Sentiment is bearish at the moment."

The Dubai Financial Market General Index was down 0.5 per cent to 1,566.34 points.

Arabtec Holding declined 1.4 per cent to Dh1.34 a share. Dubai Financial Market, the only publicly listed stock exchange in the region, was down 1.6 per cent to Dh1.22. Union Properties declined 0.7 per cent to 42 fils.

The Abu Dhabi Securities Exchange General Index was up 0.2 per cent to 2,672.55, despite slumping property stocks.

Aldar Properties fell 3.5 per cent to Dh1.37 a share. RAK Properties lost 2.6 per cent to 37 fils, while Sorouh Real Estate dropped 1.4 per cent to Dh1.33.

The Stoxx Europe 600 Index declined 0.8 per cent. Crude oil for July delivery lost as much as 1 per cent to US$99.25 a barrel in electronic trading on the New York Mercantile Exchange.

Elsewhere in the Middle East: Kuwait's measure lost 0.8 per cent to 6,338.70; Bahrain's index lost 0.7 per cent to 1,339.21; Oman's measure added 0.1 per cent to 6,081.76 and Qatar's benchmark lost 1 per cent to 8,240.39. The Saudi Tadawul All-Share Index was closed.

The National