[2008-06-18]  UAE shares decline, led by Dubai Islamic Bank Discuss
United Arab Emirates shares fell to the lowest in two months, with Dubai Islamic Bank leading a decline in financial stocks. The Dubai Financial Market General Index dropped 1.8 per cent to 5,560.22, the lowest since April 16. The Abu Dhabi Securities Exchange General Index lost 0.5 per cent to 5,117.76.

Dubai Islamic Bank, slid 4.6 per cent to Dh8.37, the lowest since October. Emirates NBD PJSC, the largest bank in the UAE., fell 2.9 per cent to Dh11.75.

The Dubai public prosecution is investigating former employees of Dubai Islamic Bank over fraud allegations, which led to the arrest of JPMorgan Chase & Co.s local chief. This may tighten bank regulations, officials said yesterday.

Saudi Arabias Tadawul All Share Index fell 0.2 per cent to 9,765.68. Al-Rajhi Bank, the largest bank in the kingdom, declined 0.3 per cent to 90.50 riyals.

The Muscat Securities Market 30 Index gained 0.1 per cent and the Kuwait Stock Exchange Index advanced 0.5 per cent. In Qatar, the Doha Securities Market Index fell 0.8 per cent, and the Bahrain All Share Index dropped 0.6 per cent.



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