Dubai’s benchmark stock index retreated the most in more than two months on investor speculation this month’s rally was overdone and after the Dubai Financial Market PJSC posted its first full-year loss.
Dubai Financial Market, the only publicly traded Gulf Arab stock market, declined 4.2 percent. Aramex PJSC retreated the most in almost two months after the largest courier company in the Middle East reduced its dividend compared with 2010. The DFM General Index fell 1.3 percent, the most since Dec. 21, to 1,654.20 at the 2 p.m. close in the emirate. The measure, which entered a bull market last week, has surged 27 percent from a low in January.
“We are at the point where our markets are likely to take a breather,” said Dubai-based Ibrahim Masood, who helps manage about $400 million at Mashreqbank PSC. “Local retail are doing the buying, and none of them are the kind to buy and hold; this hot potato is in slippery hands.”
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