Abu Dhabi shares fall amid euro zone fears

Abu Dhabi’s shares declined yesterday, tracking global markets, amid euro-zone fears after 28 Spanish banks were downgraded and oil dropped to below US$80 a barrel. Abu Dhabi National Energy Company, also known as Taqa, fell 1.6 per cent to Dh1.21 on the Abu Dhabi Securities Exchange General Index. Dana Gas, an explorer and producer, was unchanged at 38 fils. The index slipped 0.2 per cent to 2,482.05. The credit ratings agency Moody’s on Monday cut the ratings on 28 Spanish banks. The euro-zone country recently requested a bailout of up to €100 billion to support its banking sector, which is heavily exposed to the fallout from its property market. In Asia, Japan’s Nikkei Index fell 0.8 per cent to 8,663.99, while South Korea’s Topix Index declined 0.8 per cent to 738.89. Oil traded in New York declined 0.6 per cent to $78.71 a barrel. Crude has lost 23 per cent in the past three months. “Volatility outside is affecting our sentiment here,” said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. “It’s also officially summer season, with most people already on vacation, which has slowed trading.” Emaar Properties, the developer behind the Burj Khalifa, declined 1 per cent to Dh2.84 on the Dubai Financial Market General Index. Tabreed, a district cooling company, dropped 3.2 per cent to Dh1.18. The index slipped 0.1 per cent to 1,454.56. Elsewhere in the region: Kuwait’s measure added 0.5 per cent to 5,805.70; Bahrain’s index rose 0.3 per cent, to 1,128.61; Oman’s MSM 30 Index slipped 0.1 per cent to 5,657.24; and Qatar’s QE Index declined 0.3 per cent to 8,198.98. The Saudi Tadawul All-Share Index rose 0.2 points to 6,696.84.