Dubai’s shares fell the most in a week, leading a decline in most Persian Gulf markets, as concern grew that Greece may exit the euro and oil prices fell.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper in Dubai, slumped the most since May 2. Gulf Navigation Holding (GULFNAV), a company specialized in the shipping of oil and chemicals, dropped 2.7 percent. The benchmark DFM General Index (DFMGI) decreased 1.1 percent, the biggest retreat since May 16, to 1,480.1 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index (BGCC200) slipped 0.3 percent at 1:25 p.m. in Riyadh.
“The market is down on concern about Greece’s exit, and weak oil prices,” said Nabil Farhat, a partner at Abu Dhabi- based Al Fajer Securities. “Also the sharp drop in Asian markets and weak U.S.” future indexes “is not helping sentiment.”
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