Gulf shares dropped, sending Saudi Arabia's benchmark stock index down the most in a week, before debt sales by Italy and France and after oil declined. Saudi Basic Industries Corp. fell the most in three weeks. In Dubai, Emaar Properties PJSC, builder of the world's tallest skyscraper, lost 2.1 percent. The Tadawul All Share Index declined 0.24 to close at 6,273.27 points Monday. Dubai's DFM General Index dropped 0.4 percent, while the Bloomberg GCC 200 Index weakened 0.5 percent. Sabic lost 2.3 percent, the most since Nov. 21, to SR95. Emaar had the sharpest drop since Dec. 6 to AED2.80. Kuwait's gauge decreased 0.4 percent and Abu Dhabi's ADX General Index retreated 0.2 percent. Qatar's QE Index was little changed. Oman's MSM30 Index advanced 1 percent. “The announced bond sale from France and Italy are affecting the market,” said Samer Darwiche, an analyst at Gulfmena Investments in Dubai. “Markets will monitor if countries will be able to sell these bonds and at what rate.” European stocks declined for the fourth time in five days before Italy and France sell a combined 13.5 billion euros ($18 billion) of short-term debt. The benchmark Stoxx Europe 600 Index dropped 0.9 percent in London amid concern Europe's credit crisis is spreading to the region's bigger nations. Oil prices declined alongside global stock indexes Monday with the economic stability of Europe again under intense scrutiny. Benchmark West Texas Intermediate crude lost $1.34, about 1.4 percent, to $98.07 per barrel in midday trading in New York. Brent crude gave up $1.20, or 1.1 percent, to $107.27 per barrel in London. Major US stock indexes fell around 2 percent, but losses were more severe in Europe. The Dow Jones industrial average tumbled 228.68 points, or 1.88 percent, at 11,955.58. The Standard & Poor's 500 Index was down 25.90 points, or 2.06 percent, at 1,229.29. The Nasdaq Composite Index slid 50.41 points, or 1.90 percent, at 2,596.44.
