Dubai and Saudi Arabia shares retreated as stocks in Europe and China fell the first time this week, damping investor appetite for riskier assets. Crude oil fell to a more than one-month low. Emaar Properties PJSC, builder of the world’s tallest skyscraper in Dubai, dropped the most in a week. Saudi Basic Industries Corp., the world’s largest petrochemicals maker, declined 1.7 percent. The DFM General Index decreased 0.4 percent to 1,481.52 at the 2 p.m. close in Dubai. Saudi Arabia’s Tadawul All Share Index lost 0.7 percent to 6,121.06, the lowest in four weeks.
“We’re still tracking international markets,” said Marwan Shurrab, assistant fund manager and chief trader at Gulfmena Alternative Investments Dubai. “Ramadan is usually slow, but this year it’s coming during a global general lack of interest in equity markets.”
The Stoxx Europe 600 Index declined for the first time in five days, losing as much as 0.9 percent. The gauge has retreated 5.3 percent from this year’s high in April amid concern that European governments will struggle to reduce their budget deficits and speculation that the U.S. economic recovery may be flagging. China’s Shanghai Composite Index dropped after a central bank adviser said real-estate curbs shouldn’t be reversed. U.S. index futures also fell.
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