Dubai’s benchmark stock (DFMGI) index declined for a third day this week before companies in the emirate report fourth-quarter earnings and as Asian markets retreated amid concern Europe’s debt crisis is worsening.
Emaar Properties PJSC, (EMAAR) developer of the world’s tallest skyscraper, decreased 1.2 percent and property company Deyaar Development (DEYAAR) PJSC headed for the biggest drop since Dec. 26. The DFM General Index (DFMGI) lost 0.4 percent to 1,341.73 at 11:31 a.m. in Dubai. The Bloomberg GCC 200 Index (BGCC200) slipped 0.2 percent and Abu Dhabi’s ADX General Index (ADSMI) fell 0.4 percent.
“Investors are pulling back before fourth-quarter results and there is generally a lack of catalysts in the markets,” said Waleed Al Khateeb, senior finance manager at Dubai-based Daman Securities LLC. “Some real estate companies may disappoint.”
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