Dubai shares fall most in 2 weeks on IMF forecast, oil decline
Wednesday, 26 May 2010
DUBAI, May 25 (Bloomberg): Gulf shares declined with Dubai's benchmark index falling the most in more than two weeks as the International Monetary Fund (IMF) said Dubai's economy will contract this year, oil declined and emerging market stocks slumped.
Emaar Properties PJSC, the emirate's biggest real estate developer, and Dubai Financial Market retreated to the lowest level in more than two months. Aldar Properties PJSC, Abu Dhabi's largest developer, slide to the lowest since July.
The DFM General Index slumped 3.5 per cent, the biggest intraday drop since May 9, to 1,589.27 at 12:24 pm in the emirate. The Bloomberg GCC 200 Index of 200 companies in the Gulf fell 3.3 per cent and Saudi Arabian shares dropped 4.5 per cent.
Dubai's economy will contract about 0.5 per cent this year, Masood Ahmed, the IMF's director for Middle East and Central Asia, said Tuesday.
Emaar Properties PJSC, the emirate's biggest real estate developer, and Dubai Financial Market retreated to the lowest level in more than two months. Aldar Properties PJSC, Abu Dhabi's largest developer, slide to the lowest since July.
The DFM General Index slumped 3.5 per cent, the biggest intraday drop since May 9, to 1,589.27 at 12:24 pm in the emirate. The Bloomberg GCC 200 Index of 200 companies in the Gulf fell 3.3 per cent and Saudi Arabian shares dropped 4.5 per cent.
Dubai's economy will contract about 0.5 per cent this year, Masood Ahmed, the IMF's director for Middle East and Central Asia, said Tuesday.