Dubai shares dropped for the first time in five days, led by Emaar Properties PJSC and Dubai Islamic Bank PJSC, as investors speculated recent gains outpaced growth prospects.
Emaar, the United Arab Emirates’ biggest property developer, and Dubai Islamic Bank retreated for the first time in a week. The DFM General Index fell 1.4 percent to 2,175.48. at 1:06 p.m., paring this week’s advance to 3.7 percent. The MSCI Emerging Markets Index declined for the first time in seven days and oil prices lost 0.2 percent to $79.10 a barrel.
“The local market is consolidating after a strong start to the week,” said Mark Friedenthal, fund manager at Abu Dhabi Commercial Bank.
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