Dubai shares fell to its lowest level in more than two months

Dubai shares fell to its lowest level in more than two months, leading a decline in the Middle East, as the emirate, said it plans to sell shares of big companies on concern a bailout Ireland does not contain the crisis in Europe.

Emaar Properties PJSC, builder of the world's tallest skyscraper, closed at its lowest level in almost three months. Aramex PJSC, the UAE-based courier company, decreased 4.3 percent. The DFM General Index fell 1.4 percent to 1659.5, its lowest level since 16 September, at the closing ceremony at 2 pm in Dubai.
Dubai plans to sell shares of some major companies in the emirate, Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Chief Prosecutor, told a conference today. The emirate has accumulated 109.3 billion U.S. dollars of debt will become a tourism, trade and financial services center, according to the International Monetary Fund. Dubai World last year have sought to alter the terms to 24.9 billion U.S. dollars of debt.

"Currently, there is very little confidence in the UAE exchanges leading to low volume and high volatility," said Shehzad Janab, director of asset management at Dubai-based Daman Investments PSC. Investors "That's not a recipe for a successful initial public offerings." They are also cautious because of debt problems in Ireland, he said.

The average number of shares traded daily in Dubai have fallen by 65 percent in 2010 from a year earlier. About 77 million shares were bought and sold today. Volumes fell after the worst global recession since the Great Depression and the collapse in property values in Dubai, the financial center of the Gulf of Mexico.

Ireland

World markets fell last week, with the Stoxx Europe 600 falling 1.1 percent in the rescue of the concern of Ireland is not to contain the crisis of sovereign debt in Europe and China will redouble its efforts to control inflation . Standard & Poor's lowered the counterparty credit rating long-term Irish banks such as Allied Irish Banks Plc and Bank of Ireland Plc.

Crude oil for January delivery fell 0.1 cent to settle at $ 83.76 a barrel on the New York Mercantile Exchange on 26 November. The six Gulf Arab nations, including the provision of the UAE, approximately one fifth of the world's oil.

Emaar fell 1.4 percent to 3.60 dirhams, the lowest since 05 September. Aramex dropped more from September 30 to 1.99 dirhams.

Israel Bonds

Abu Dhabi's measure fell 0.3 percent, QE Qatar Bahrain Index and Share Index fell by 0.8 percent. Kuwait gauge fell 0.9 percent to its lowest level in two months. Saudi Arabia's Tadawul All Share Index rose 0.2 percent and the benchmark stock index in Oman increased by 0.5 percent.

In North Africa, Egypt 30 EGX index lost 0.7 percent.

Israel's TA-25 index lost less than 0.1 percent. The benchmark bond due Shiklit Mimshal January 2020 fell, pushing the yield 4 basis points higher to 4.55 percent, the highest since Nov. 14. The shekel fell 0.8 percent to 3.6777 per dollar on 26 November.