Dubai’s benchmark stock index fell the most in a week after oil declined and on investor concern companies in the emirate may report lower third-quarter results. Kuwait shares tumbled the most in more than two years.
Dubai Islamic Bank (DIB), the United Arab Emirates’ biggest shariah-compliant lender, slipped 0.5 percent. Construction company Arabtec Holding Co. (ARTC) was set for the biggest drop in almost two weeks. Dubai’s DFM General Index (DFMGI) retreated 0.7 percent, the most since Oct. 14, to 1,642.71 at 12:12 p.m. in the emirate. Kuwait’s benchmark slumped the most since May 2010 after the emir requested changes to the electoral system.
Companies in the U.A.E,. including DIB, are due to report third-quarter results this month. Arabtec, which has the fourth- heaviest weighting on Dubai’s gauge, may post a 58 percent drop in profit for the three months ended Sept. 30 according to the mean estimate of five analysts compiled by Bloomberg. Saudi Arabia (SABIC)’s Al Rajhi Bank (RJHI) and Saudi Basic Industries Corp. reported profit declines of 3 percent and 23 percent respectively.
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