Dubai’s benchmark index fell for a fifth day, its longest losing-streak in more than four months, as disagreement among policy makers over how to resolve Europe’s debt crisis dimmed the outlook for the global economy.
Emaar Properties PJSC, developer of the world’s tallest skyscraper, decreased 2.7 percent. Dubai Financial Market PJSC, the only Gulf Arab stock market to sell shares to the public, sank to the lowest intraday level since 2009. The DFM General Index slipped 1.4 percent to 1,387.72, the lowest since March 8, at 11:25 a.m. in Dubai. About 33 million shares traded in Dubai today, compared with this year’s daily average of 112 million shares. Emerging markets dropped, with the MSCI Emerging Markets Index, declining 1.6 percent.
“Fears are still related to Europe debt, especially with the indecision between Europe’s policy makers,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai.
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