Traders watch share prices on an electronic display at the Doha Stock Exchange in Doha, Qatar June 3, 2015. REUTERS/Naseem Zeitoon
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Qatari stocks led a retreat in Middle Eastern markets as oil's decline to a seven-year low, scant evidence of a pickup in Chinese growth and the prospect of a U.S. interest-rate increase next week unsettled investors across the region.The QE Index sank 3.7 percent to close below 10,000, a key support level, for the first time since November 2013 and Saudi Arabia's Tadawul All Share Index slumped to the lowest since 2012 . The ADX General Index in Abu Dhabi, home to about 6 percent of the world's proven oil reserves, lost 2.1 percent.That cut its price to projected 12-month earnings ratio to 11 times compared with 10.8 times for the MSCI Emerging Markets Index.MSCI's developing markets gauge fell 4.8 percent last week, while a measure of nine Chinese raw-material producers traded in Hong Kong fell to the lowest since December 2008, as investors speculated that growth in domestic consumption and services will fail to offset a manufacturing slowdown in the world's second-largest economy.The stock, which has the third-heaviest weighting on the gauge, fell 5 percent to the lowest level in more than five years.Dubai Islamic Bank led the drop in the emirate's benchmark gauge, retreating 3 percent to the lowest level in almost a year.
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