"Fiscal cliff" deadline, oil send Abu Dhabi shares lower
- United Arab Emirates: Tuesday, December 25 - 2012 at 14:48
The ADX General Index fell 0.36% to 2,628.67 points Tuesday. Only 32m shares were traded, valued at Dhs49m. As the deadline to avoid the U. S. "fall over the fiscal cliff" nears, a package of austerity measures which would come into effect if government and opposition will not reach an agreement over a new U. S. federal budget, investors preferred to stay on the sidelines. Consequently, oil prices (DME Oman crude) slipped by $0.77 to $105.63. Market heavyweight Etisalat fell slightly, closing at Dhs9.01. Islamic insurance firm Methaq Takaful gained one percent to reach Dhs1.02.
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