Dubai shares swung between gains and losses as emerging-market stocks dropped after the Reserve Bank of India raised rates more than forecast. Emaar Properties PJSC (EMAAR), the builder of the world’s tallest tower, rose and Dubai Investments PJSC (DIC) fell.
Emaar advanced for the first time in almost two weeks, while Dubai Investments PJSC, which owns stakes in more than 40 companies, declined for a fourth day. The benchmark DFM General Index (DFMGI) increased 0.2 percent to 1,630.23 at 1:26 p.m. in the emirate. The measure, which has surged 20 percent since a low in March, swung between gains and losses seven times. The Bloomberg GCC 200 Index (BGCC200) of stocks in the region fell 0.3 percent.
“The market has rallied strongly since the end of February so right now we are seeing consolidation to maintain these levels,” said Marwan Shurrab, assistant fund manager and chief trader at Dubai-based Gulfmena Alternative Investments. “The market is waiting for a catalyst to see further upside.”
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