Dubai Stocks Snap Five-Day Gain on Spain Debt Risk
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Dubai’s shares snapped a five-day rally, leading a drop among Persian Gulf markets, as optimism that the bailout of Spain’s banks will stem Europe’s financial crisis faded, cutting demand for riskier assets.
Emaar Properties PJSC, developer of the world’s tallest skyscraper in Dubai, fell 1 percent. Arabtec Holding PJSC, the United Arab Emirates’ largest construction company, dropped the most in more than a week. The benchmark DFM General Index decreased 1 percent, the biggest retreat since June 3, to 1,468.82 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index and Saudi Arabia’s gauge declined 0.9 percent.