Dubai’s stocks headed for the biggest drop in almost seven months on bets this year’s rally was overdone and as investors awaited a report that may confirm Europe’s economy contracted in the fourth quarter.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, dropped to the lowest intraday level in two weeks. Dubai Financial Market PJSC, the only publicly traded Gulf Arab stock market, declined 4.8 percent. The DFM General Index (DFMGI) fell 2.6 percent, set for the biggest decrease since Aug. 7, to 1,708.98 at 12:42 p.m. in the emirate. The measure, which entered a bull market in February, surged 31 percent from a January low.
“Investors are booking some of their profits on the Dubai Financial Market after a series of good performance,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments.
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