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DFM hits three-week low

Dubai’s benchmark stock index retreated to the lowest level in almost three weeks on bets this year’s advance may be overdone amid Europe’s debt crisis that risks worsening global economic growth.

Tamweel fell to the lowest in almost a month. Emirates Integrated Telecommunications Co, the smaller of the two UAE mobile-phone operators known as Du, declined to the lowest since August 13.

The DFM General Index dropped 0.9 per cent to 1,558.83 points, the lowest since August 8. Abu Dhabi’s ADX General Index dropped 0.4 per cent to close at 2,589.60 points. The Bloomberg GCC 200 Index declined 0.1 per cent at 1:17pm Riyadh time.

Tamweel declined 1.6 per cent to Dh1.23, the lowest since July 29.

Du, which has the fourth-biggest weighting on Dubai’s index, fell 0.6 per cent to Dh3.48. Emaar slipped 1.2 per cent to Dh3.35, paring this year’s gain to 30 per cent.

Oman’s MSM30 Index dropped 0.4 per cent. Bahrain’s measure declined 0.5 per cent and Kuwait’s gauge rose 0.4 per cent.

Qatar’s QE Index lost 0.1 per cent and Saudi Arabia’s Tadawul All Share Index rose 0.2 per cent. 
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