Dubai Shares Lead Persian Gulf Declines on Oil; Arabtec Falls
This article is for subscribers only.
Dubai’s benchmark index fell the most in three weeks, leading declines in Persian Gulf shares, as oil dropped and U.S. government data showed orders placed with factories for durable goods missed economists’ estimates.
Islamic Arab Insurance Co., an insurance provider, slumped the most since March 2009. Arabtec Holding Co., the biggest publicly traded construction company in the United Arab Emirates, declined the most since March 18. The DFM General Index lost 2 percent to 1,648.87 at the 2 p.m. close in the emirate, trimming this year’s rally to 22 percent. Abu Dhabi’s ADX General Index retreated 0.5 percent.