Dubai shares declined the most in almost three months on speculation recent gains may be overdone and after U.S. and European stocks retreated on concern the global economic recovery is faltering. Abu Dhabi shares fell.
Emaar Properties PJSC, builder of the world’s tallest tower, decreased the most since July and Dubai Investments PJSC dropped 3.5 percent. The DFM General Index lost 1.6 percent, the most since June 29, to 1,673.69 at the 2 p.m. close in Dubai. Abu Dhabi’s gauge slipped 0.3 percent. Dubai’s index has surged 13 percent this month and Abu Dhabi’s has jumped 5.3 percent.
“It’s inevitable that we would see some profit-taking after the recent gains,” said Paul Cooper, managing director at Sarasin-Alpen & Partners Ltd. in Dubai, which oversees more than $500 million in the Middle East. “Dubai had a strong run on the back of the Dubai Worldannouncement and the FTSE Group inclusion.”
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