United Arab Emirates shares fell for the first time in three days as Abu Dhabi Commercial Bank PJSC reported a drop in profit and on concern that gains earlier this week outpaced the prospects for earnings growth.
ADCB, the country’s third-biggest bank by assets, tumbled the most since January. Emaar Properties PJSC, the biggest real- estate developer in the U.A.E., ended a three-day rally. Emerging-market stocks dropped the most in seven weeks as raw- materials producers declined on lower commodity prices. Abu Dhabi’s index lost 0.7 percent to 3,145.4 and the Dubai Financial Market General Index fell 0.8 percent to 2,319.37. Dubai’s index rose 4.2 percent in the previous two days.
“Some of the more liquid large cap stocks were up between 3 and 6 percent yesterday, so a round of profit-taking was inevitable, especially with the international markets looking weaker,” said Ian Munro, head of equity research at Mac Capital Advisors in Dubai.
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