Dubai: Dubai shares are poised for
their lowest close since July, led by Emaar Properties PJSC
and Emirates NBD, as investors price in the emirate’s debt
burden.
Emaar, the United Arab Emirates’ biggest real-estate
developer, slumped 10 per cent. Union Properties PJSC is
headed for the lowest close since April 2. Emirates NBD
retreated to the lowest since September.
The DFM General Index slid 5.5 per cent, the biggest
fluctuation among global benchmarks tracked by Bloomberg, to
1,750.8 at 1202 hrs in the emirate, heading for the lowest
close since July 22.
Dubai World last week began talks with banks to
restructure USD 26 billion of debt, including a USD 3.52
billion Islamic bond of property unit Nakheel PJSC, and said
the remainder of its liabilities are on “a stable financial
footing.” The emirate on November 25 said it was seeking a
“standstill” agreement on Dubai World’s debt, the holding
company with USD 59 billion in liabilities. Dubai’s benchmark
index has declined 16 per cent since the announcement.
Emirates NBD, the region’s biggest publicly traded bank
by assets, lost 4.8 per cent to 3.77 dirhams, heading for
its lowest close since September 14.
Kuwait Stock Exchange Index and Saudi Arabia’s Tadawul
All Share Index lost 0.4 per cent. Abu Dhabi’s index fell 1.2
per cent. Qatar’s DSM 20 Index added 1.6 per cent, Oman’s
MSM30 Index rose 0.4 per cent and Bahrain’s measure gained 0.3
per cent.
PTI
First Published: Monday, December 07, 2009, 18:22