Dubai’s shares retreated for a third day in four as escalating conflict in Libya and concern regional political unrest may spread to Saudi Arabia, the Arab world’s largest economy, sparked demand for safer assets. Tunisia’s benchmark index rallied as trading resumed.
Emaar Properties PJSC (EMAAR), builder of the world’s tallest skyscraper, fell 1.2 percent and Dubai Islamic Bank PJSC (DIB) dropped the most since March 2. The DFM General Index (DFMGI) declined 1 percent, the most since March 3, to 1,375.13 at the 2 p.m. close in Dubai. The gauge has lost 15 percent since Tunisia’s Zine El Abidine Ben Ali was ousted in January. Qatar’s QE Index gained 2.6 percent. Saudi Arabia’s Tadawul All Share Index (SASEIDX) dropped 0.3 percent at 1:53 p.m. in Riyadh.
Investors are shunning assets in the region as the political turmoil, which started in Tunisia more than two months ago, expanded to Oman, Bahrain, Yemen, Libya and Iran. Websites have called for a nationwide Saudi “Day of Rage” on March 11 and March 20, Human Rights Watch said in a statement posted on its website Feb. 28.
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