Tuesday 28 September 2010

Dubai Shares Fall a 2nd Day on Concern September Gains Overdone; Oil Drops - Bloomberg

Dubai shares declined for a second day on speculation gains this month are overdone and as global markets fell on concern that economic growth may slow. Crude oil dropped, ending a four-day rally.

Emaar Properties PJSC retreated 0.8 percent after the builder of the world’s tallest tower postponed a board meeting. Gulf News reported Indian officials blamed Emaar’s local unit for poor facilities at the Commonwealth Games village. The share have surged 16 percent this month. Dubai Islamic Bank PJSC, the biggest shariah-compliant lender in the United Arab Emirates, decreased for the first time in four days. The DFM General Index slipped 0.5 percent to 1,690.19 at the 2 p.m. close in Dubai, trimming the gain for September to 14 percent.

“Keeping in mind September’s strong performance for the market, it is natural to see profit-taking,” said Marwan Shurrab, assistant fund manager and chief trader at Gulfmena Alternative Investments Ltd. in Dubai. “We follow international markets, so if they sell off, we sell off. Nevertheless the bullish sentiment is still intact.”

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