Dubai’s benchmark stock index led United Arab Emirates shares lower amid speculation yesterday’s gain was overdone and after Abu Dhabi-based Aldar Properties PJSC announced job cuts.
Arabtec Holding Co., the country’s biggest construction company, fell the most in almost two weeks after posting earnings. Aldar, Abu Dhabi’s largest real-estate developer by market value, lost 0.9 percent. The benchmark DFM General Index dropped 0.6 percent, the most since Oct. 18, to 1,408.06 at the 2 p.m. close in Dubai. The measure surged 2.6 percent yesterday, bringing its three-day advance to 4.6 percent. It has lost 1.7 percent this month. Abu Dhabi’s benchmark ADX General Index declined for the first time in six days, losing 0.3 percent and bringing its drop for the month to 1.3 percent.
“The drop is a mix of profit-taking and the correlation to international markets,” said Tariq Qaqish, deputy head of asset management at Dubai-based Al Mal Capital. “Medium-term investors would see this correction as an entry opportunity.”
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