Dubai shares retreated to a one-week low ahead of first-quarter earnings and after a U.S. jobs report missed estimates, fueling concern the global economic recovery is stalling. Saudi shares tumbled.
Arabtec Holding Co. (ARTC), the United Arab Emirates construction company whose shares have more than doubled this year, declined 4.4 percent. Dubai Islamic Bank PJSC (DIB), the U.A.E.’s biggest bank complying with Shariah rules, fell to the lowest since January. The DFM General Index (DFMGI) decreased 1.1 percent to 1,668.62 at the 2 p.m. close in the emirate, the lowest since April 2. Saudi Arabia’s Tadawul All Share Index (SASEIDX) slumped 2.7 percent, the most since Aug. 20, at 1:39 p.m. in Riyadh.
Today’s declines are “a mixture of the effect of recent weakness in international markets and the anticipation of the first-quarter results for U.A.E. companies,” said Tariq Qaqish, deputy head of asset management at Dubai-based Al Mal Capital.
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