Dubai’s benchmark stock index fell for a fourth time this week as unrest in the Arab world intensified, with loyalists of Libya’s Muammar Qaddafi seeking to crush dissent in the North African country’s capital.
Emirates Integrated Telecommunications Co., the United Arab Emirates second-biggest phone company known as Du, declined a third day and Emirates NBD PJSC, the country’s largest bank by assets, dropped 1.6 percent. The DFM General Index slipped 0.9 percent to 1,485.36 at 11:29 a.m. in Dubai, bringing its loss for the week to 6.9 percent. Bahrain’s measure retreated 0.5 percent and headed for the lowest close in almost three weeks.
“Investor worries are increasing as the situation worsens and naturally they won’t want to enter markets in a region as politically unstable as this one,” said Waleed Al Khateeb, senior finance manager at Dubai-based Daman Securities LLC. “The impact the unrest will have on the Gulf Cooperation Council is still unclear” after protests spread to Bahrain.
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