Dubai's shares declined the most in more than three weeks, tracking global markets, after a shock announcement that Greece will hold a referendum on a new EU bailout deal re-ignited concerns on the region's debt crisis.
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Emaar Properties, the region's biggest developer, dropped 2.5 per cent to Dh2.71. Drake & Scull International, a Dubai-based contractor, slumped 2.7 per cent to 81 fils. The Dubai Financial Market General Index dropped 1 per cent, the biggest drop since October 4, to 1393.28 at 10:48am local time.
In the capital, Aldar Properties slumped 3.7 per cent to Dh1.02, after the Abu Dhabi-based developer said it would shed 105 jobs and "continue to concentrate on its core Abu Dhabi market," according to a statement published on Monday. The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2498.85 points.
Elsewhere in the region, Kuwait's index was little changed at 5916.60 points. Bahrain's measure was also little changed at 1147.74 points. Qatar's QE Index slipped 0.3 per cent to 8562.79 points. The Saudi Tadawul All-Share Index was little changed at 6224.30 points.
halsayegh@thenational.ae
