Dubai Shares Retreat Most in Week on Europe Debt Concern; Emaar Declines - Bloomberg

Dubai’s benchmark stock index dropped the most in almost a week, leading a decline in Persian Gulf shares, as oil fell and European stocks retreated amid concern about the region’s debt crisis.

Emaar Properties PJSC, (EMAAR) builder of the world’s tallest skyscraper, lost 2.8 percent. Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker known as Sabic, fell the most in three weeks. Dubai’s DFM General Index dropped 0.6 percent, the most since Dec. 6, to 1,388.19 at the 2 p.m. close. Saudi Arabia’s Tadawul All Share Index (SASEIDX) retreated 0.2 percent while the Bloomberg GCC 200 Index (BGCC200) weakened 0.3 percent.

The Stoxx Europe 600 Index lost 0.6 percent as Moody’s Investors Service said it will review the credit ratings of countries in the region following last week’s debt summit. The yield on Italy’s two-year note climbed 29 basis points after the government 7 billion euros ($9.3 billion) in one-year bills after Dubai’s market closed. France plans to raise 6.5 billion euros in short-term debt.

* username: rupertbu