Middle East shares fell, with Dubai’s stocks retreating to the lowest this month, after data from the U.S., India and China fueled concern global economic growth is slowing, damping investor appetite for riskier assets.
Emaar Properties PJSC (EMAAR), builder of the world’s tallest skyscraper in Dubai, lost 1.6 percent and Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ biggest bank complying with Shariah rules, slid for a third day. The 30-member DFM General Index (DFMGI) dropped 0.6 percent to 1,547.67, the lowest intraday level since May 31, at 11:15 a.m. in Dubai. The Bloomberg GCC 200 Index (BGCC200) of the region’s stocks declined 0.2 percent. Israel’s benchmark stock index lost 1.1 percent.
“Regional markets appear to be taking cues from trends in global markets,” said Sachin Mohindra, a fund manager at Invest AD in Abu Dhabi. Investors including “high net worth and regional institutions, who are the providers of incremental buying liquidity in regional markets, appear to be closely tracking international market events,” he said.
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