U.A.E. Shares Fall, Led by Dubai, on Concern Gains Overdone - Bloomberg

United Arab Emirates shares fell, sending Dubai’s benchmark index to an almost two-week low, on speculation recent gains are overdone and as oil declined for the first time in four days. Qatar’s measure advanced.

Emaar Properties PJSC (EMAAR), builder of the world’s tallest sky scraper, retreated for a third day and Dubai Islamic Bank PJSC (DIB), the biggest Shariah-compliant lender in the U.A.E., decreased the most in three weeks. Dubai’s DFM General Index (DFMGI) slipped 0.7 percent to 1,537.68, the lowest level since March 23, at the 2 p.m. close in the emirate. The measure soared 10 percent in March. Abu Dhabi’s ADX General Index (ADSMI) fell 0.4 percent, paring the gain in the past month to 2.4 percent.

“There was a strong rally during the last few weeks and as we’re seeing nothing major in news flow we have some profit taking today,” said Sebastien Henin, who helps oversee $110 million at The National Investor in Abu Dhabi. “Investors don’t want to position themselves in the current market just yet. We will probably see some more profit taking in the coming days.”