Kuwait’s Index Drops to Seven-Year Low on Global Growth Concern

Persian Gulf shares retreated, sending Kuwait’s benchmark stock index to the lowest level in almost seven years, amid concern Europe will fail to contain its debt crisis, trimming investor appetite for riskier assets.

Combined Group Contracting Co., the Kuwaiti construction company, lost 1.2 percent and lender Al-Ahli Bank of Kuwait fell for a second day this week. The Kuwait Stock Exchange Unweighted Index dropped 0.9 percent to 5,850.60, the lowest close since Aug. 25, 2004. The measure slumped 3.6 percent this week. The Bloomberg GCC 200 Index of the region’s stocks slipped 0.2 percent. Dubai’s DFM General Index rose 0.2 percent after losing as much as 1.4 percent earlier.