Abu Dhabi Shares Drop to 3-Year Low on Dana Debt Concern, Europe
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Abu Dhabi shares retreated to the lowest in almost three years on speculation Dana Gas PJSC may struggle to refinance debt and as investors trimmed holdings of riskier assets on concern Europe’s debt crisis may worsen.
Dana Gas, which has a $1 billion Islamic bond maturing in October, tumbled to the lowest on record. Emirates Telecommunications Corp. declined for a third day. The ADX General Index lost 0.8 percent to 2,324.73, the lowest level since March 2009, at the 2 p.m. close in Abu Dhabi. Dubai’s DFM General Index fell 1 percent, extending its drop after closing at the lowest since June 2004 yesterday.