Dubai’s benchmark stock index fell to a two-week low, leading a decline in Middle East markets, after weaker-than-forecast growth in U.S. company payrolls damped investor appetite for riskier assets and pushed oil lower.
Dubai Islamic Bank PJSC, the United Arab Emirates’ largest Islamic Bank, lost the most since June. RAK Properties PJSC slumped 4.9 percent in Abu Dhabi after second-quarter profit declined 27 percent. The DFM General Index slid 1.5 percent to 1,494.86, the lowest level since July 25, at 1:18 p.m. in Dubai. The Bloomberg GCC 200 Index of Gulf stocks decreased 0.3 percent and Egypt’s benchmark index fell 0.2 percent. Israeli government bonds rose.
“The U.A.E. is weaker across the board due to absence of any positive drivers,” said Dubai-based Julian Bruce, director of equity sales at EFG-Hermes Holding SAE.
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