Dubai shares dropped for a third consecutive trading session despite US lawmakers reached a tentative deal on raising the country's $14.3 trillion debt ceiling.
Video: Market Minute, July 31 2011
July 31, 2011 UAE
Hadeel al Sayegh reports on the opening and outlook of the local markets.
Bellwether Emaar Properties was down 0.3 per cent to Dh2.81 a share at 10am.
Dubai Financial Market Company was unchanged at Dh1.14 a share after the only Gulf Arab stock market to sell shares to the public posted a 46 per cent plunge in second quarter profit to Dh14.7 million as trading volumes dropped.
The Dubai Financial Market General Index was down 0.2 per cent to 1502.88 points.
The tentative framework includes immediate spending cuts of $1 trillion and creation of a special committee to recommend additional savings of up to $1.8 tn later this year, Bloomberg reported.
In the capital, the Abu Dhabi Securities Exchange was little changed at 2629.55 points. Dana Gas, the UAE gas explorer and producer, was up 1.6 per cent to 63 fils a share, adding to the 5 per cent gain on Thursday. Media reports surfaced on Thursday that Vallares, the investment vehicle backed by Nat Rothschild and ex-BP boss Tony Hayward is exploring a bid for Dana Gas.
Elsewhere in the region, Kuwait's measure lost 0.4 per cent to 6007.00. Bahrain's index lost 0.5 per cent to 1291.78 points. Oman's index lost 0.1 per cent to 5838.10 points. Qatar's measure dropped 0.6 per cent to 8326.51 points. The Saudi Tadawul lost 1.3 per cent to 6355.72 points.
halsayegh@thenational.ae