Saudi, Oman Shares Drop as Global Markets Fall; Dubai Advances - BusinessWeek

Saudi Arabia and Oman shares retreated for a second day as an unexpected decline in U.S. home sales raised concern about the stability of the global economic recovery. Deyaar Development PJSC pushed Dubai stocks higher.

The Tadawul All Share Index dropped 0.3 percent to 6,343.47, the lowest level in more than a week, as Samba Financial Group, the country’s second largest bank, fell. Bank Muscat SAOG, Oman’s biggest bank by assets, retreated the most in almost three weeks, pushing the country’s MSM30 Index down 0.6 percent. The Bloomberg GCC 200 Index slid 0.3 percent.

“Correlation is running high with what’s happening globally,” said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. “Investors are trying to reduce risk ahead of a long summer.”