Dubai Index Drops to One-Month Low on Earnings Concern, Oil

* username: rupertbu

Dubai shares declined to their lowest level in more than a month led by Emaar Properties PJSC and Emirates NBD PJSC as investors awaited fourth-quarter earnings and oil fell for a sixth day.

Emaar, the United Arab Emirates’ biggest developer, fell to the lowest in more than five weeks. Emirates NBD dropped as much as 3.8 percent to the lowest since December 2008. Dubai’s benchmark index retreated 1.4 percent to 1,664.28 at 1:12 p.m. in the emirate, the third-worst performer among global markets tracked by Bloomberg. Crude slipped 0.3 percent to $77.75 a barrel, bringing its six-day loss to 6 percent.

“Investors are not willing to pick up shares now before company earnings come out,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC. “We do not expect the market to maintain momentum and oil is down, so there’s no positive input to prompt investors to really buy any shares.”