Dubai stocks fell for a second time this week, leading a decline in global markets, on concern the world economy is struggling to emerge from recession, hurting a recovery in the oil-rich Gulf region.
Emaar Properties PJSC, the United Arab Emirates’ biggest property developer, tumbled 7.3 percent. A “bounce” in Dubai house prices in the third quarter may not indicate a continuing recovery, Colliers International said today. Dubai Islamic Bank erased yesterday’s 6.1 percent gain. The DFM General Index lost 5 percent, the biggest fluctuation of 89 benchmark indexes tracked globally by Bloomberg, to 2,075.46. The measure has dropped 5.6 percent this week.
“There is still concern about the general health of the global economy and this is weighing on the markets,” said Mark Friedenthal, a fund manager at Abu Dhabi Commercial Bank. “We are waiting to see if there will be a double-dip recession in the U.S.”
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