Wednesday 15 February 2012

Dubai’s Shares Retreat on Speculation Five-Day Rally Overdone - Businessweek

Dubai’s shares retreated for the first time in six days on investor bets that gains prompted by investor optimism ahead of Emaar Properties PJSC’s earnings were overdone.

Emaar, the developer of the world’s tallest skyscraper, decreased the most in six weeks after reporting quarterly profit. Dubai Investments PJSC, the owner of stakes in more than 40 companies, fell the most in two weeks. The DFM General Index, up 6.1 percent this month, declined 1.1 percent to 1,522.96 at the 2 p.m. close in the emirate. The 31 companies on Dubai’s gauge trade at about 9.4 times estimated earnings compared with 10.6 times for the MSCI Emerging Markets Index.

Dubai’s index “has been performing well in the last couple of weeks,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments. “Some investors are booking profits today after good results from Emaar.”

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