UAE markets dip amid concerns over Euro

Markets Update: Stock markets in the UAE slipped lower this morning, taking cues from Asia.

Local stock markets sank into the red on Wednesday, taking cues from Asia, as the Euro fell on Greece's worsening debt crisis.

Property stocks fell the hardest on the Abu Dhabi Securities Exchange (ADX) at the morning bell.

Aldar Properties, the developer behind Yas Island and Ferrari World, declined 1.9 per cent to 99 fils. Sorouh Real Estate dropped 2 per cent to 97 fils, while RAK Properties slumped 2.7 per cent to 35 fils.

The ADX General Index lost 0.1 per cent and fell to 2469.09 points.

The Euro was heading to a four-month low ahead of a meeting in Athens today, where Greek policymakers are expected to form an interim government. The Euro dropped to $1.2699, the lowest point since mid-January.

Emaar Properties, the developer behind the Burj Khalifa, fell 1.3 per cent to Dh2.90 on the Dubai Financial Market (DFM). Arabtec Holding, Dubai's biggest contractor, fell 1 per cent to Dh2.89.

The DFM General Index fell 1.1 per cent to 1469.89 points.

Elsewhere in the region, Kuwait's measure was little changed at 6446.44 points. Bahrain's measure was also remained relatively unchanged at 1155.85 points. Oman's index rose 0.5 per cent to 5617.63 points. Qatar's index was little changed at 8491.32 points. The Saudi Tadawul All-Share Index rose 0.5 per cent to 7104.24 points.

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