Dubai Shares Slide to 2-Month Low on Moody’s Property Report - Bloomberg.com

Dubai shares fell to the lowest level since March, leading a decline in Gulf markets, as Moody’s Investors Service said the outlook for the region’s real-estate industry is negative because of excess supply. Oman’s benchmark index rose.

Emaar Properties PJSC, the developer of the world’s tallest skyscraper, and Aldar Properties PJSC dropped to the lowest level in more than two months. National Central Cooling Co., the Abu-Dhabi based refrigeration company, decreased the most in two weeks. The DFM General Index lost 2 percent to 1,646.73, the lowest since March 7. Abu Dhabi’s measure retreated 0.8 percent and the Bloomberg GCC 200 Index, of 200 companies in the Gulf, fell 1.3 percent at 2:27 p.m. in Dubai.

“The report’s findings are nothing new, but they reaffirm any negative sentiment investors had about the real estate market,” said Saud Masud, a Dubai-based analyst at UBS AG.