Dubai Shares Decline a Fifth Day on Global Growth Concern; Shuaa Retreats - Bloomberg

Dubai shares declined, leading the drop in the Gulf, after a slump in U.S. consumer confidence fueled concern about the global economic recovery. Shuaa Capital PSC fell as the head of its brokerage division resigned.

The DFM General Index lost 1.4 percent to 1,461.8, the lowest since February 2009. The gauge fell 21 percent this quarter, the most since the fourth quarter of 2008. Investment bank Shuaa slid the most in a week and Emirates NBD PJSC dropped. The Bloomberg GCC 200 Index retreated 0.8 percent and in North Africa, Egypt’s gauge declined a seventh day. Crude has fallen 9.5 percent this quarter, as of 5:24 p.m. in Dubai.

Declines are “in line with the global backdrop,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. “Focus is returning to the euro zone, disappointing data in the U.S. and weaker oil.”