Dubai Stocks Retreat to 3-Week Low on Greek Debt Concern, Crude Oil Drop - Bloomberg

Persian Gulf shares fell, sending Dubai’s index down the most in more than three weeks, on concern Greece may default on its debt and as crude oil dropped.

Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower, slipped 1.4 percent. Dubai Financial Market PJSC, the only Gulf Arab stock market to sell stock to the public, retreated for a second day. The DFM General Index (DFMGI) lost 0.9 percent, the most since Aug. 21, to 1,460.20 at the 2 p.m. close in Dubai. The Bloomberg GCC 200 Index (BGCC200) of the region’s stocks dropped 1.2 percent and the MSCI Emerging Markets Index declined 2.2 percent.

“Global factors continue to impact stock prices,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. “Worry about the default of Greece and the slowing of global economies in addition to the complications in Arab Spring revolutions are causing investors to stay on the sidelines.”

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