United Arab Emirates shares tumbled the most since August, leading Arab markets lower, after Dubai Financial Market PJSC and Arabtec Holding PJSC were among companies reporting a decline quarterly profit.
Dubai Financial Market, the only Gulf Arab stock market to sell shares to the public, and Arabtec, the biggest construction company in the U.A.E., slumped the most since Aug. 17. Arkan Building Materials Co. fell to a two-year low after the construction-supplies maker reported earnings. Sorouh Real Estate PJSC, Abu Dhabi’s second-biggest developer, dropped the most in more than two months as quarterly profit slid.
“Markets were bid higher in anticipation of a good third- quarter, and now that these numbers have materialized investors are taking profit,” said Mark Friedenthal, a fund manager at Abu Dhabi Commercial Bank. “Global sentiment is now deteriorating.” Dubai’s index has gained 34 percent this year.
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