Dubai’s benchmark stock index dropped for the second time in three days before companies in the emirate announce second-quarter results and as oil dropped after a report showed U.S. jobs growth fell short of forecasts.
Dubai Islamic Bank PJSC (DIB), the United Arab Emirates biggest bank complying with Islamic banking rules, slipped as much as 1.1 percent. Emirates NBD PJSC (EMIRATES), the U.A.E.’s largest bank, retreated the most since May 6. The DFM General Index (DFMGI) lost 0.4 percent to 1,498.16 at the 2 p.m. close in Dubai. The Bloomberg GCC 200 Index (BGCC200) was little changed at 1:05 p.m. in Riyadh and Abu Dhabi’s ADX General Index (ADSMI) rose 0.1 percent. In Israel, the TA-25 Index (TA-25) declined 0.8 percent.
“Traders in the U.A.E. are still hitting the bench,” said Talal Touqan, Abu Dhabi-based head of research at Al Ramz Securities. “The earnings season would represent a great opportunity to reinvest in selected companies.”
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