Dubai shares fell to the lowest level in three weeks, leading a decline in Persian Gulf stocks, as Air Arabia reported a drop in first-quarter earnings and oil retreated for a fourth day.
Air Arabia, the Middle East’s biggest low-cost airline, tumbled to the lowest on record. Deyaar Development PJSC, the property company partly owned by Dubai Islamic Bank PJSC, dropped for a fourth day. The benchmark DFM General Index retreated 0.4 percent to 1,611.95 at 12 p.m. in the emirate, the lowest intraday level since April 14. The measure has lost 1.3 percent this week. The Bloomberg GCC200 Index, which tracks 200 companies in the region, lost 0.2 percent.
“We have reached the end of the earnings season and the market is lacking conviction,” said Mahdi Mattar, head of research at Abu Dhabi-based CAPM Investment PJSC. “Investors don’t see any strong catalyst to push them to accumulate more.”
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