Saudi, Dubai Shares Drop on Concern Chinese Recovery May Stall

Gulf shares were mostly lower, with Saudi Arabia’s index falling for a fifth day, as Asian shares slid on concern a recovery in China may be derailed by a slowdown in lending.

Saudi Arabia’s Tadawul All Share Index dropped 0.7 percent to close at 5,660.90. The Dubai Financial Market General Index declined for the first time in five days, retreating 0.4 percent. The Kuwait Stock Exchange Index lost 0.6 percent.

“In contrast to when we had this two weeks ago, the reaction is more muted.” said Akram Annous, deputy fund manager at Al Mal Capital PSC. “I’d get out of the equity markets until they all correct 10 percent.”