Dubai Stocks Fall to December Low as Oil, Global Markets Drop

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Dubai’s shares fell to their lowest in more than a month, leading the drop in the Gulf, as oil declined and stocks retreated globally amid mounting concern that China is stepping up measures to cool its economy.

Emaar Properties PJSC, the United Emirates’ biggest developer, retreated to its lowest in more than a month. Union Properties PJSC tumbled 10 percent after Credit Suisse Group AG yesterday slashed its share-price estimate. The DFM General Index dropped 3.6 percent to 1,556.08, the lowest since Dec. 9. The measure has fluctuated so far this week, alternating between losses and gains of as much as 5 percent.

“Volatility will continue” as any weakness in global markets leads to a “selloff” in the U.A.E. and good news leads to “some buying from day traders,” said Julian Bruce, director of equity sales at EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank. The longer-term performance will depend on fourth-quarter earnings and “if and when we see some developments in the Dubai World debt restructuring,” he said.