Abu Dhabi shares fall amid euro zone fears

Abu Dhabi's shares declined on Tuesday, following global markets, amid euro zone fears after 28 Spanish banks were downgraded and oil dropped to $90 a barrel. Dana Gas, an explorer and producer, declined 2.6 per cent to 37 fils on the Abu Dhabi Securities Exchange General Index (ADX). Sorouh Real Estate, the capital's second biggest developer, lost 0.9 per cent to Dh1.02. The ADX General Index slipped 0.04 per cent to 2486.67 points. The credit ratings agency Moody's on Monday cut the ratings on 28 banks across the euro zone member. Spain recently requested a bailout of up to €100 billion (Dh459.40bn) to support its banking sector, which is heavily exposed to the fallout from its property market. Asian markets were down this morning. Japan's Nikkei Index fell 0.8 per cent to 8663.99 points, while Korea's TOPIX Index declined 0.8 per cent to 738.89 points. Oil traded in London lost 19 cents to $90.82 a barrel. Emaar Properties, the developer behind the Burj Khalifa, declined 0.7 per cent to Dh2.85 on the Dubai Financial Market. Tabreed, the district cooling company, lost 2.4 per cent to Dh1.19. The Dubai Financial Market General Index slipped 0.1 per cent to 1454.07 points. Elsewhere in the region, Kuwait's measure added 0.2 per cent to 5805.70 points. Bahrain's index was little changed, down 0.03 per cent, to 1124.20 points. Oman's MSM 30 Index added 0.1 per cent to 5669.78 points. Qatar's QE Index slipped 0.1 per cent to 8220.19 points. The Saudi Tadawul All-Share Index lost 0.9 per cent to 6683.45 points yesterday. From TheNational