Dubai shares fell to the lowest in more than a month, leading a decline in Gulf markets as global stocks tumbled on concern the economic recovery is faltering. Crude oil declined for a third day.
Dubai Islamic Bank PJSC, the Islamic bank scheduled to report earnings today, dropped to the lowest this year. Dubai Investments PJSC, the owner of stakes in more than 40 companies, lost 3 percent. The DFM General Index decreased 1.1 percent to 1,466.89 at 10:56 a.m. in Dubai, the lowest intraday level since July 5. The index has lost 3.4 percent this week. The Bloomberg GCC 200 Index of Gulf stocks slipped 0.1 percent.
“Focus is on the weakness in international markets and weaker commodities, primarily oil,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd.
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