Dubai shares declined the most in a week on speculation gains this quarter are overdone given growth prospects and after Emaar Properties PJSC raised $450 million of convertible bonds. Kuwaiti shares advanced.
Emaar, the builder of the world’s tallest tower and the company with the heaviest weighting in the emirate’s benchmark index, retreated 1.8 percent. Aramex PJSC, the Middle East’s biggest courier company, fell the most since April. The DFM General Index slipped 1.1 percent, the most since Sept. 22, to 1,683.69 at the 2 p.m. close in Dubai. That trimmed the gain this quarter to 15 percent. Kuwait’s measure rose 0.8 percent today.
“Being the end of the best performing quarter year-to- date, it is only natural to expect some profit taking,” said Saad al-Chalabi, an institutional trader at Al Ramz Securities in Abu Dhabi. Dubai’s equity benchmark soared 23 percent in the third quarter of 2009.
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