Dubai’s benchmark stock index declined for a second day to the lowest intraday level in seven years on concern political unrest in the region may spread to Saudi Arabia and after Libyan warplanes bombed rebels.
Emaar Properties PJSC (EMAAR), builder of the world’s tallest skyscraper, retreated 5.6 percent and Dubai Financial Market (DFM) PJSC tumbled to the lowest in two years. The DFM General Index (DFMGI) declined 2.5 percent to 1,339.81, the lowest level since June 2004, at 12:56 p.m. in Dubai. The gauge has lost 18 percent since Tunisia’s Zine El Abidine Ben Ali was ousted in January.
Investors are shunning assets in the Middle East and North Africa 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 on its website on Feb. 28.
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