Dubai Shares Drop Most Since August on Global Growth Concern - Bloomberg

Dubai shares fell the most in almost three months on speculation a rally late last month was overdone and as European leaders struggled to contain the debt crisis.

Emaar Properties PJSC (EMAAR), developer of the world’s tallest building, tumbled 2.9 percent after surging 12 percent in the past week. Dubai Financial Market (DFM) PJSC declined the most in more than two weeks. The DFM General Index (DFMGI) dropped 1.8 percent, the most since Aug. 9, to 1,382.71 at the 2 p.m. close in Dubai. The measure surged 4.6 percent in the three-day period ending Oct. 30. Abu Dhabi’s ADX General Index (ADSMI) lost 0.2 percent, extending yesterday’s 0.3 percent drop.

“What we’re seeing yesterday and today is normal profit taking,” said Chahir Hosni, equity sales manager at EFG-Hermes Holding SAE in Dubai. Declines in global markets are also “impacting the weakness today,” he said.

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