UAE bourses dipped lower yesterday, tracking global markets, as equity investors cut bets on riskier assets after economic policymakers failed to reach an agreement over Greece's debt reduction.
"Investors are spooked by what is happening in international markets," said Nabil Farhat, a partner at Al Fajer Securities, a stock brokerage based in Abu Dhabi.
After finance ministers from the euro zone disagreed over Greece's finance needs yesterday, they agreed to hold an extraordinary meeting on Tuesday.
"They were expected to have a decision," said Mr Farhat. "The postponement has caught everyone by surprise and investor sentiment is quite negative."
RAK Properties led the declines in Abu Dhabi, down 2.4 per cent to 40 fils. Dana Gas, the explorer and producer, declined 2.3 per cent to 41 fils. Emaar Properties, the developer behind the world's tallest skyscraper, declined 0.5 per cent to Dh3.64 in Dubai. Arabtec Holding, the emirate's biggest contractor, fell 1.2 per cent to Dh2.41.
The Abu Dhabi Securities Exchange General Index fell 0.4 per cent to 2,694.81 points, while the Dubai Financial Market General Index declined 0.7 per cent to 1,614.85.
In Asia, Hong Kong's Hang Seng Index was down 1.1 per cent to 21,188.70.
In Europe, the Stoxx 50 Index was down 0.6 per cent to 2,457.28 by late afternoon.
The euro declined to its lowest level in two months, losing value against both the US dollar and the yen. It traded 0.3 per cent lower to $1.2666, the lowest level since September 7.
Meanwhile, US futures indicated a downward trend at the open.
