Dubai shares declined for a second day on concern companies in the emirate will report lower-than- expected third-quarter earnings and after oil tumbled to the lowest level in two weeks.
Emaar Properties PJSC, builder of the world’s tallest skyscraper, led the decline and Arabtec Holding Co. slipped 1.8 percent. The DFM General Index retreated 0.1 percent to 1,744.46 as 12 stocks fell, seven rose and 13 were unchanged. The benchmark index closed at the lowest since Oct. 12. The index has gained 19 percent so far in the second half of the year. Most other Middle East markets were little changed.
“Investors are waiting at the sidelines as they anticipate third-quarter results,” said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. “There’s a little profit-taking. But we expect the recent rally to continue.”
No comments:
Post a Comment