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Oil decline, Cyprus woes weigh on Abu Dhabi market
- United Arab Emirates: Wednesday, March 20 - 2013 at 14:27
The ADX General Index closed 0.66% lower at 3,017.70 points Wednesday. Markets in general returned to Monday volatility after the parliament in Nicosia dismissed the Euro zone's proposed EUR10bn bailout package for Cyprus which was linked to punishing interest tax for all bank clients who have accounts on the Mediterranean island. Consequently oil prices (DME Oman crude) lost $0.96 to $104.87. On the ADX, shares of Gulf Cement lost the most (off 9.68%). Bank of Sharjah was the most active gaining stock (up 1.41%).
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Gérard Al-Fil, Financial JournalistWednesday, March 20 - 2013 at 14:27 UAE local time (GMT+4)
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