Dubai shares tumbled the most since mid-August, leading indexes in the region lower, as Shuaa Capital PSC reported a loss and Emaar Properties PJSC retreated to its lowest level in almost three months.
Shuaa, the U.A.E.’s biggest investment bank, tumbled the most in more than four months after posting a third-quarter loss. Emaar, the country’s biggest developer, fell to the lowest since Aug. 17 after the chairman of Dubai Properties LLC, a company which Emaar plans to merge with, was arrested on suspicion of embezzlement. Dubai’s index dropped 4.8 percent to 2,091.83 at 12:21 p.m. in the emirate. Abu Dhabi’s measure fell 2.9 percent, poised for its biggest one-day loss since June 23.
Gulf markets are struggling to recoup last year’s losses as the global financial crisis prompted investors to pull out of the region following the delay and cancellation of projects. A U.S. consumer-spending report released last week sparked concern a global recovery may be protracted. Dubai’s index is up 28 percent after falling 72 percent last year. Abu Dhabi’s index, which slid 47 percent in 2008, has gained 23 percent this year.
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