Dubai shares declined the most this month on speculation recent gains are overdone after global markets and crude oil retreated on concern about the pace of the economic recovery. Qatar stocks also fell.
Emaar Properties PJSC, the builder of the world’s tallest tower and the company with the heaviest weighting in the emirate’s benchmark index, slipped 0.8 percent. Dubai Islamic Bank, the biggest shariah-compliant lender in the United Arab Emirates, dropped for the first time in eight days. The DFM General Index fell 0.7 percent, the most since Sept. 30, to 1,742.63 at the 2 p.m. close in Dubai. Qatar’s QE Index fell the most since July 4 to 7,756.27.
“The market is taking profits today” as Asian and European markets dropped, said Saad al-Chalabi, an institutional trader at Al Ramz Securities in Abu Dhabi. “This is happening although the outlook on the U.A.E. is still positive for the medium-term.”
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