Dubai Stocks Decline Most in World on Concern Gains Overdone

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Dubai shares fell the most in the world, reversing an earlier increase, on investor concern recent gains have outpaced growth prospects in the sheikhdom.

Qatar’s measure jumped the most in the world and to the highest in more than four months. Dubai Financial Market, the only Gulf Arab stock market to sell shares to the public, declined the most in almost two months. Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, retreated the most in a month. The DFM General Index lost 2.3 percent, the biggest drop since Feb. 14, to 1,717.97. The index, up 7.9 this month, had gained as much as 2.2 percent earlier today.

“The market went up aggressively so it’s no surprise that it takes profits the same way,” said Matthew Wakeman, Dubai- based managing director of cash and equity brokerage at Egyptian investment bank EFG-Hermes Holding SAE. “Huge volume is the main takeaway and that remains a very positive signal.”