Dubai’s shares fell to a two-month low, erasing yesterday’s gains, as European and Asian indexes dropped and investors opted to exit the markets before a four- day holiday weekend.
Emaar Properties PJSC, the United Arab Emirates’ biggest property developer, retreated to a three-week low, while Dubai Investments PJSC, which owns stakes in more than 40 companies, fell to its lowest level since Aug. 25. The DFM General Index lost 1.9 percent to 2,070.89, the lowest since Sept. 15. Abu Dhabi’s index declined 0.5 percent. The MSCI Emerging Markets Index slid 0.5 percent at 2:40 p.m. in Dubai.
“With the upcoming Eid holidays and weak international markets, the short-term focus is elsewhere,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. “With earnings season out the way, the only potential catalysts left are the pending Dubai Support Fund and Emaar’s Burj Dubai handover.”
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