Dubai stocks retreated the most in more than two weeks as investors await the release of full-year results and after oil declined in New York.
Air Arabia (AIRARABI) PJSC, the Middle East’s largest discount airline, decreased for the first time in four days and Dubai Investments PJSC (DIC), the owner of stakes in more than 40 companies, slumped 3 percent. The DFM General Index (DFMGI) fell 1 percent, the most since Dec. 21, to 1,335.03 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index (BGCC200) slipped less than 0.1 percent.
“People are waiting for full-year and quarterly earnings before making investment decisions,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC (NBAD), the United Arab Emirates’ second-largest lender by assets. “There is still some concern over international market performance and volume is weak as there are no positive catalysts.”
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