Italian election shockwave felt at Gulf Arab stock markets
DUBAI, Feb 26, 2013 (Xinhua via COMTEX) --
Nearly all indices in the Gulf Arab
followed the global downtrend Tuesday after a feared power
stalemate following Italian parliamentary elections triggered
fears of new hurdles in tackling the Euro zone debt crisis.
Both the Dubai Financial Market and the Abu Dhabi bourse ADX
lost one percent, closing at 1,925.20 points and 3,004.79 points,
respectively. Shares of Abu Dhabi Aviation lost 3.40 percent,
ending at 2.85 Dirham (0.77 U.S. dollars). Earlier in the day, Abu
Dhabi Aviation said that in 2012 it achieved a net profit of 263.9
million Dirham (71.96 million dollars), representing a 6.10
percent decrease year on year.
The uncertainty of Italy's political future after head-to-head
results in the parliamentary elections from Monday left investors
nervous. The probability that the conservative media magnate
Silvio Berlusconi, who opposed Germany's austerity move in the
Euro zone, will become prime minister again fueled the fickle
At Dubai's international bourse, the FTSE NASDAQ Dubai UAE 20
Index closed at 2171.69, down 1.21 percent.
Elsewhere in the region, the Qatar Exchange QE 20 Index
declined 0.93 percent to 8,572.37 points. Qatar Telecom, known as
Qtel, declined 0.86 percent to 115.80 Qatari riyal (30.11
In Riyadh, the Saudi Arabian Tadawul All-Share Index dived 0.77
percent to 6,988.19 points, also as oil prices lost 0.86 dollars
to close at 108.86 dollars per barrel (DME Oman crude), which is a
reaction to the Italian news.
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