Dubai shares fell for an eighth day in the longest stretch of losses since 2006 after U.S. job data fueled concern the global economy is weakening and on speculation political instability in Iran may intensify.
Arabtec Holding Co. (ARTC), the biggest builder in the United Arab Emirates by market value, headed for the lowest close in more than two weeks. Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, decreased 1.9 percent. The DFM General Index (DFMGI) retreated 1.6 percent to 1,557.31, headed for the lowest close since Feb. 16, at 11:02 a.m. in Dubai. The gauge has declined 6.8 percent in the last eight days, trimming a rally for the year to 15 percent. Saudi Arabia’s benchmark Tadawul All Share Index (SASEIDX) yesterday slumped 1.3 percent.
“Investment sentiment is negative following weak employment and economic numbers from the U.S. over the weekend,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. “There is also worry about the political turmoil with Iran.”
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