Dubai Shares Fall to 10-Day Low on Oil Drop, Euro Concern
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Dubai’s benchmark stock index fell to the lowest level in 10 days as oil prices declined and investor concern that Europe’s debt crisis may worsen curbed appetite for riskier assets.
Shuaa Capital PSC, the investment bank controlled by Dubai’s ruler, plunged to the lowest level in more than three months. Gulf General Investment Co., a Dubai-based investment company, tumbled 9.8 percent. The DFM General Index lost 0.3 percent to 1,470.61, the lowest since May 20, at the 2 p.m. close in the emirate. The measure fell 9.8 percent this month. The Bloomberg GCC 200 Index, which tracks the biggest 200 companies in the six-nation Gulf Cooperation Council, fell 0.4 percent.