Dubai shares declined for the first time in three days on speculation recent gains are overdone given growth prospects in the emirate.
Emaar Properties PJSC, builder of the world’s tallest tower, retreated 1.8 percent after Standard & Poor’s affirmed its negative rating on the stock. Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, lost the most in more than two months. The DFM General Index slid 1 percent to 1,699.12 at the 2 p.m. close in Dubai. The Bloomberg GCC 200 Index slipped 0.2 percent at 2:51 p.m.
Dubai’s measure jumped 15 percent this month including a 6.7 percent gain since Dubai World, one of three main holding companies, said Sept. 10 that 99 percent of creditors agreed to alter the terms on $24.9 billion of debt. Twenty-one shares including Emaar were added to the FTSE’s Global Equity Index after the close on Sept. 17 as the U.A.E. was classified as a secondary emerging market, also helping push up local stocks this month.
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