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Dubai shares retreated a third day, leading a decline in the Gulf, after global markets slumped on concern some European countries will struggle to repay debt and investors trimmed holdings before a Muslim holiday.
Emaar Properties PJSC, builder of the world’s tallest skyscraper in Dubai, led the decline andEmirates NBD PJSC, the United Arab Emirates’ biggest lender by assets, slipped 0.9 percent. TheDFM General Index slid 0.4 percent to 1,685.52, at 11:52 a.m. in Dubai. The Bloomberg GCC 200 Index of regional stocks fell as much as 0.2 percent. Saudi Arabia’s and Kuwait’s markets are closed today for Eid.
Gulf shares are dropping because of a “weak international lead,” said Tarek Lotfy, executive director at Dubai-based Arqaam Capital Ltd. “Most market participants are out for the week, so volumes are expected to remain low.”