Dubai shares fell for an eighth day, the longest losing streak since 2006, after U.S. job data fueled concern the global economy is weakening and on speculation political instability in Iran may intensify.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, decreased 1.9 percent. Dubai Investments PJSC (DIC), whose portfolio includes more than 40 companies, fell to the lowest level in more than two months. The DFM General Index (DFMGI) retreated 1.4 percent to 1,560.28, the lowest since Feb. 16, at the 2 p.m. close in Dubai. The gauge has declined 6.6 percent in the past eight days, trimming a rally for the year to 15 percent. Egyptian stocks advanced for a second day.
“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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