Dubai and Saudi Arabian shares fell to the lowest this month, leading Gulf markets lower, after the Federal Reserve said the pace of economic recovery may be “more modest” than forecast and as oil dropped a second day.
Shuaa Capital PSC, the United Arab Emirates’ biggest investment bank, retreated to the lowest since April 2009 after it reported a second-quarter loss. Saudi Basic Industries Corp. lost 1.7 percent, while Al Jouf Cement Co. jumped on its first trading day. The DFM General Index decreased 0.9 percent to 1,482.58, the lowest since July 7, at the 2 p.m. close in Dubai and Saudi Arabia’s Tadawul All Share Index declined 1.1 percent to 6,193.84, the lowest since July 26, at 2:18 p.m. in Riyadh.
After the Fed announcement “we saw a sell-off in international markets and that’s translating into a lack of interest in our markets,” said Marwan Shurrab, assistant fund manager and chief trader at Gulfmena Alternative Investments in Dubai. “Turnover is low on the first day of Ramadan.”
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