Dubai shares retreated to the lowest level in a month as Dubai Financial Market PJSC reported a third-quarter loss, raising concern that the benchmark’s gain of almost 5 percent in October was overdone.
Dubai Financial Market decreased the most since March as it posted a loss of 2.95 million dirhams ($803,000). Drake & Scull International PJSC, an engineering contractor for the real- estate industry, declined 1.3 percent after profit fell 44 percent amid rising costs. The DFM General Index slipped 1.7 percent to 1,693.3, the lowest since Oct. 5, at the 2 p.m. close in Dubai. The measure gained 4.8 percent in October.
“Markets have been very strong, so this is a bout of profit-taking,” said Sebastien Henin, portfolio manager at The National Investor in Abu Dhabi. “The DFM reported poor results and some investors were disappointed.” Arabtec Holding Plc’s third-quarter earnings also drove the decline, he said.
No comments:
Post a Comment