Gulf Stocks Retreat as Yuan’s Decline Seen Hurting Oil Exports
This article is for subscribers only.
Most stocks across the six-nation Gulf Cooperation Council dropped, led by shares in Dubai and Oman, on speculation China’s currency devaluation will curtail the region’s oil revenue.
Dubai’s DFM General Index fell 1.2 percent, the most in more than two weeks, to 4,022.12 at the close in the emirate. Oman’s MSM 30 Index declined 1.3 percent and Abu Dhabi’s ADX General Index slipped 1 percent. Saudi Arabia’s Tadawul All Share Index retreated as much as 1.7 percent before paring its decline to 0.6 percent. Measures in Qatar and Kuwait lost 0.1 percent.