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Dubai: The Abu Dhabi Securities Exchange General Index slipped 0.8 per cent, falling for a fifth day while the Dubai Financial Market General Index declined 1.3 per cent.
Emaar Properties closed at its lowest in more than three years. The Middle East's largest real-estate developer declined 3.3 per cent to Dh8.77, the lowest close since April 2005.
Oman's Muscat Securities Market 30 Index fell 3.9 per cent to 8,832.86, its lowest close since December 5. Qatar's Doha Securities Market Index retreated 2.1 per cent, bringing the three-day drop to 4.9 per cent.
Omantel, Oman's biggest phone company, dropped to its lowest in almost a month. Industries Qatar, slid for a third day.
"Foreign investors came to the Gulf to hedge against the low dollar,'' Adel Waleed Nasr, local brokerage manager at United Securities in Muscat, said.
"Now the dollar is gaining and the oil is falling, which means government surpluses will shrink.''
The Kuwait Stock Exchange Index lost 0.9 per cent and the Bahrain All Share Index retreated 0.4 per cent.
Al Abraj Holding dropped 3.1 per cent to 630 fils. The Kuwaiti investment company that owns industrial patents plans to increase its capital 76.5 per cent by selling 130 million shares to existing shareholders and "strategic investors.''
Crude has lost about a quarter of its value since reaching a record $147.27 a barrel on July 11.
The Gulf Cooperation Council's current account surplus is almost $1 billion per day with oil at $140 per barrel, Merrill said.
The six Gulf Arab states earn a further $55 billion per year each time the oil price jumps $10 a barrel, Merrill Lynch said in July.
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