Dubai stocks lead falls across Mideast equities

Dubai

DUBAI stocks dropped into a bear market, leading declines across most Middle Eastern equities after a US labour report increased expectations that the Federal Reserve will lift interest rates this year, pushing Brent crude lower.

The DFM General Index slid 3 per cent to 3,347.23 on Sunday, the lowest level since December and the biggest drop in more than two months. The gauge has entered a bear market after falling more than 20 per cent since a peak in April. Emaar Properties PJSC, the real estate developer with the largest weighting on the measure, led the declines with a 4.7 per cent retreat. Saudi Arabia's Tadawul All Share Index lost 1.4 per cent at 1.34 pm in Riyadh.