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Dubai’s Shares Drop a Fifth Day on Greece Deadlock; Oil Declines

May 14 (Bloomberg) -- Dubai’s benchmark stock index retreated for a fifth day to a three-month low as Persian Gulf shares slumped after Greece moved closer to a possible exit from Europe’s currency union. Oil tumbled to the lowest this year.

Emaar Properties PJSC, developer of the world’s tallest tower, dropped 1.7 percent. Dubai Islamic Bank PJSC, the United Arab Emirates biggest bank complying with Islamic banking rules, fell to the lowest since January. The DFM General Index declined 0.4 percent to 1,481.95 at the 2 p.m. close in the emirate, bringing the five-day slump to 5.3 percent and trimming this year’s rally to 9.5 percent. The Bloomberg GCC 200 Index lost 1.1 percent, led by Saudi Arabian shares.

“The global negative lead is still affecting Dubai Financial Market’s performance,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments Ltd. “Investors are exiting the market to capitalize on their year-to-date gains.”

Global stocks declined today as German Chancellor Angela Merkel’s party lost a state election and Greece’s political deadlock looked set to continue as President Karolos Papoulias failed to secure an agreement on a unity government, risking the collapse of proposed austerity measure. The MSCI Emerging Markets Index dropped 1.5 percent at 4:33 p.m. in Dubai.

Crude for June delivery retreated as much as 2.6 percent to $93.65 a barrel on the New York Mercantile Exchange, a 2012 low, after Saudi Arabia’s energy minister said prices should decline further. Gulf Arab oil exporters, including Saudi Arabia and the U.A.E., supply about a fifth of the world’s oil.

About 141 million shares traded in Dubai today, compared with this year’s peak of 835 million. Emaar fell to 2.89 dirhams, the lowest since March 8. Dubai Islamic retreated 1.5 percent to 1.92 dirhams, the weakest since Jan. 22.

Elsewhere in the six-nation Gulf Cooperation Council, Saudi Arabia’s Tadawul All Share Index slid 1.6 percent. Qatar’s QE Index decreased 0.6 percent and Oman’s benchmark stock index dropped 1.4 percent. Bahrain’s measure fell 0.3 percent. Kuwait’s gauge lost 0.2 percent and Abu Dhabi’s ADX General Index was little changed.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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