Qatar shares retreated the most in three months, leading declines in the Gulf, as oil fell and amid concern that Europe’s debt crisis will spread beyond Greece and curtail a global economic recovery.
Qatar National Bank SAQ, the Persian Gulf country’s biggest lender by assets, retreated the most since February. Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, is poised for the biggest drop in more than two weeks. Qatar’s DSM 20 Index lost 1.3 percent, the most since Feb. 7, to 7,415.72. Saudi Arabia’s measure declined 1 percent as of 2:57 p.m. in Riyadh. In North Africa, Egypt’s gauge fell 2.3 percent.
“Middle East and North Africa markets are trading in sympathy with Europe,” said Rabih Sultani, a fund manager at Duet Mena Ltd. in Dubai, a unit of Duet Group, which oversees $2.1 billion. “There’s a fear the Greek crisis will spread to Portugal, Spain and Italy.”
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