Dubai’s benchmark stock index fell to the lowest in more than a week as oil prices dropped after trade data signaled that growth in China, the world’s second- biggest economy, is slowing.
Dubai Investments PJSC (DIC), which owns stakes in 40 businesses, declined to the lowest level this month. Shuaa Capital PSC (SHUAA), a Dubai-based investment bank, closed at the lowest since February. The DFM General Index (DFMGI) lost 0.2 percent to 1,488.39, the lowest since July 2, at the 2 p.m. close in Dubai. Royal Bank of Scotland Group Plc, Commerzbank AG and Standard Bank Group Ltd. abandoned talks with Dubai Group to restructure $10 billion of debt after failing to reach an agreement, two people familiar with the matter said.
“There is pressure from global markets and regional markets,” said Chahir Hosni, equity sales manager at EFG-Hermes Holding SAE in Dubai. “Sentiment is not that great.”
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