Dubai Stocks Enter Bear Market, Ending Best Rally Since 2005 - Bloomberg:
"Dubai shares plunged, dragging the benchmark index down 20 percent from a peak in May and bringing an end to the biggest bull market since 2005.
The DFM General Index declined 4.3 percent to 4,296 at the close, entering a bear market after falling from a high on May 6. The drop was led by real-estate stocks including Arabtec Holding Co. (ARTC), which tumbled 9.9 percent after three people familiar with the matter said the company dismissed hundreds of staff, including several senior executives.
“There is confusion in the market and I call it Arabtec fever,” Wadah Al Taha, chief investment officer of Dubai-based Al Zarooni Group, said by telephone. “It’s contagious and affecting every single share in the market.”"
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