Dubai’s stocks headed for the biggest drop in a month, led by the emirate’s largest property developer. Abu Dhabi’s shares also retreated.
The DFM General Index fell 1.5 percent to 4,140.12 at 12:54 p.m. local time, poised for the largest slide since June 28. Emaar Properties PJSC, which accounts for about 20 percent of the index, led the decrease with a 1.2 percent drop.
In Abu Dhabi, the ADX General Index lost 0.5 percent, Qatar’s QE Index slipped 0.2 percent and Oman’s MSM30 Index fell 0.1 percent. Egypt’s EGX 30 Index rose 0.2 percent. Shares in Saudi Arabia, home to 16 percent of the world’s proven oil reserves, slid 0.7 percent.
Brent crude dropped below $55 a barrel for the first time in more than three months on Friday, capping its fourth-straight weekly decrease on signs a global surplus will continue. The United Arab Emirates will begin linking gasoline and diesel prices to global oil markets for the next month. Dubai is the U.A.E.’s commercial and entertainment capital.