Dubai, Abu Dhabi Shares End 6-Day Rally; Etisalat, Arabtec Fall

United Arab Emirates shares dropped, ending a six-day rally, led by Emirates Telecommunications Corp. and Arabtec Holding PJSC, as crude oil fell below $70 a barrel late last week.

Emirates Telecommunications, the U.A.E. telephone-service provider known as Etisalat, lost the most in five months after gaining 13 percent last week. Arabtec, the country’s biggest construction company, fell as much as 2.6 percent. Abu Dhabi’s ADX General Index dropped for the first time since Sept. 2, retreating 1.4 percent to 3,018.14. Dubai’s measure slid 0.5 percent.

“The markets need to take stock and may flush out some short-term traders,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. The 3.7 percent slump in crude prices to $69.29 a barrel on Sept. 11 is also hurting investor confidence, Khan added.