Dubai’s benchmark stock index fell the most in more than a month amid speculation this week’s gain was overdone and after real-estate developer Union Properties PJSC (UPP) said its full-year loss widened.
Union Properties slumped 9.8 percent, the most since January 2010. Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ biggest lender complying with Shariah rules, dropped the most since April 2010. The DFM General Index (DFMGI) fell from a four-month high, declining 1.2 percent to 1,435.96 at the 2 p.m. close in the emirate, trimming this week’s gain to 2.1 percent. The Bloomberg GCC 200 Index rose 0.2 percent.
“A combination of profit-taking and disappointing results of Union Properties is dragging the market,” said Tariq Qaqish, deputy head of asset management at Dubai-based Al Mal Capital. Dubai’s index has rallied 6.1 percent this year.
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