Markets

Egyptian protests drive UAE markets down

Markets Update: A third day of protests in Egypt pushes UAE stocks downwards, with Emaar Properties leading Dubai's market lower.

Gregor Stuart Hunter

November 21, 2011

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The UAE's markets are in retreat this morning as fresh protests in Egypt weigh on stocks including Emaar Properties, the emirate's biggest property developer.

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Share in the developer of the Burj Khalifa, which is involved in a number of projects in Cairo and Alexandria, fell 0.7 per cent to Dh2.57 each.

Emaar's slide pushed the Dubai Financial Market General Index lower, with the index falling 0.3 per cent to 1361.88 in early trading, while the Abu Dhabi Securities Exchange General Index is off 0.2 per cent at 2,454.99.

Taqa, Etisalat and Drake & Scull International also fell as concern grows over unrest in Egypt, with protestors remaining camped in Tahrir Square for a third day.

Egypt's EGX30 Index has fallen 3.6 per cent so far this week.

But a worsening outlook for the global economy and renewed bickering over US budget cuts also pushed world markets lower today.

Asian stocks fell in the early hours of the morning, with the Hang Seng Index losing 1.6 per cent to 18,184.36. Japan's Nikkei 225 index slid 0.3 per cent to 8,348.27.

Oil prices slid, with Brent futures losing 21 cents to $107.71 per barrel, while gold prices held steady at $1,718.70 per troy ounce.

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