Dubai Stocks Lead Mideast Declines as Oil Slump Clouds Outlook
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Dubai stocks retreated, leading equity markets lower across the Gulf, after oil dropped to the lowest in four-months and some investors sought to benefit from the DFM General Index’s rally last week.
The benchmark gauge dropped 1.3 percent, the most in almost three weeks, to 4,147.63 at the close. Emirates NBD PJSC, the United Arab Emirates’ second-biggest lender by assets, slid the most in five weeks. Emaar Properties PJSC, the developer of the world’s tallest tower, lost the most since July 8. Saudi Arabia’s Tadawul All Share Index fell 0.8 percent in Riyadh, the most in a month.