Dubai’s benchmark stock index dropped the most in more than a month, snapping a ten-day advance, as investors bet that gains are overdone on concern quarterly earnings may trail estimates.
Emaar Properties PJSC, builder of the world’s tallest skyscraper, retreated 1.4 percent before releasing first-quarter profit that declined 45 percent. Dubai Financial Market PJSC, the only Gulf Arab stock market to sell shares to the public, decreased the most since March 15. The DFM General Index slipped 1 percent, the biggest decline since March 15, to 1,665.17 at the 2 p.m. close in Dubai. The gauge has gained 7 percent this month. Qatar’s QE Index slumped 1.7 percent.
The drop is an “interim technical correction” after this month’s rally, said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. Investors are waiting for first-quarter earnings, he said.
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