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Sunday, 11 September 2011

Dubai Shares Decline to Lowest in a Week Low on Europe Debt Crisis Concern - Bloomberg

Persian Gulf shares fell, sending Dubai’s index to the lowest level in almost a week, on concern Europe’s policy makers won’t be able to stop the region’s sovereign debt crisis from growing and after oil retreated.

Emaar Properties PJSC (EMAAR), developer of the world’s tallest tower, slipped as much as 0.7 percent. Dubai Financial Market PJSC, the only Gulf Arab stock market to sell stock to the public, fell the most in almost a week. The DFM General Index (DFMGI) lost 0.4 percent to 1,475.4, the lowest intraday level since Sept. 6, at 11:05 a.m. in Dubai. The Bloomberg GCC 200 Index (BGCC200) of the region’s stocks dropped less than 0.1 percent.

“Equities in the Middle East continue to track global markets and the current backdrop does not provide any buying conviction,” said Julian Bruce, equity sales head at EFG-Hermes Holding SAE in Dubai. “Gulf Cooperation Council markets are drifting lower due to an absence of domestic drivers.”