Dubai Stocks Drop With Mideast Markets on Fed Rate-Increase Bets
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Dubai stocks declined with most Middle Eastern equities after the U.S. jobless rate dropped to a level the Federal Reserve considers to be full employment, bolstering the case for an interest-rate increase and depressing demand for riskier assets. Saudi equities rose.
The DFM General Index retreated 0.8 percent to close at 3,542.14, following six weeks of losses, the longest streak in almost four years. Emaar Properties PJSC, the real estate developer with the biggest weighting on the gauge, led the descent with a 1.9 percent drop. Stocks in Saudi Arabia reversed losses after the desert kingdom’s central bank governor said the nation will stick with its currency peg.