CORRECT: U.A.E. Shrs Drop as Oil Price Slump Extends Selloff

(Corrects to add CDS context and to clarify that Ahmed Shehada’s quote referred to the CDS market.) Dubai’s DFM General Index declines 1.4% to 4,642.14 at 10:41am local time; Abu Dhabi’s ADX General Index slips 1.2%. * Emaar leads declines in Dubai, -1.9%, set for lowest close * Brent crude, a benchmark for more than half of the world’s oil, fell -0.6% to $88.38, the lowest since Nov. 2010 on a closing basis * Dubai 5y CDS ~177, up from ~152 a mo. ago; Abu Dhabi 5y CDS ~58, up from 50 * For CDS “The market is getting killed because of the U.S. as it is a key player in the oil story now and you can’t discount their involvement and exposure to oil,” Ahmed Shehada, the Abu Dhabi-based head of advisory and institutions at NBAD Securities LLC, says by phone today. “The volatility in our markets will continue.”

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