Dubai shares declined, leading a drop in Persian Gulf markets, on speculation recent gains are overdone given growth prospects in the emirate and before the Muslim Eid holidays next week. Qatar shares rose.
The DFM General Index lost 0.4 percent, the most since Aug. 25, to 1,490.52 at the 2 p.m. close in Dubai. The index has advanced 1.1 percent the past two weeks. Emaar Properties PJSC, builder of the world’s tallest tower, led the drop, falling the most since Aug. 25. Dubai Financial Market PJSC, the only stock market on the Arabian Peninsula to sell shares to the public, retreated the most in more than a month. Qatar’s QE Index gained 0.3 percent.
“Low volumes are a continued testament to the lack of interest in local markets,” said Hassan El Salah, deputy head of institutional equities at Al Ramz Securities LLC, an Abu Dhabi-based brokerage. “We should see a pick up post-Ramadan.”
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