Dubai Shares Drop to Week Low on Global Slump, Declining Oil - Bloomberg.com

Dubai shares declined to the lowest level in almost a week, leading a drop in the United Arab Emirates, as oil fell for a second day and concern deepened that Europe’s debt crisis is spreading.

Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, declined for a second day. Dubai Islamic Bank PJSC, the U.A.E.’s biggest Islamic lender, lost the most since April 19. The DFM General Index slid 0.6 percent to 1,747.06, bringing the drop this month to 5.2 percent. Abu Dhabi’s ADX General Index retreated 0.3 percent to 2,803.16, the lowest in seven weeks.

European stocks fell after German Chancellor Angela Merkel said yesterday she won’t release funds to help Greece shore up its finances until the nation has a “sustainable” plan to reduce its budget deficit. The MSCI Asia Pacific Index declined for the third time in four days, as concern deepened China’s steps to cool its property market will curb growth in the world’s third- largest economy. The MSCI World Index lost 0.6 percent at 5:10 p.m. in Dubai.