Dubai shares declined, sending the benchmark index to its lowest close in more than two weeks, on investor concern that fourth-quarter profits may be below analysts' estimates.
Dubai Financial Market PJSC (DFM), the only publicly traded Gulf Arab stock market, slumped to the lowest level since Feb. 2009. Emirates NBD PJSC, the nation's biggest bank by assets, declined the most in more than two weeks. The benchmark DFM General Index (DFMGI) fell 0.5 percent to 1,327.54 at the 2:00 p.m. close in the emirate. About 79 million shares traded in Dubai, compared with a 12-month daily average of 99 million shares, according to data compiled by Bloomberg.
"Confidence is really weak," said Tariq Qaqish, deputy head of asset management at Al Mal Capital in Dubai. There is some concern among investors that company earnings may come in below expectations, he said. "Investors are frustrated and have no faith to enter the market when there is no floor."
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