Dubai’s benchmark stock index retreated the most in almost a week on investor speculation this year’s rally was overdone and before the board of Emaar Properties PJSC (EMAAR) meets to discuss a dividend payment.
Emaar, developer of the world’s tallest skyscraper, dropped 1.9 percent. Dubai Financial Market PJSC (DFM), the only publicly traded Gulf Arab stock market, declined for a third day. The DFM General Index (DFMGI) fell 1.4 percent, the most since March 12, to 1,659.29 at 12:07 p.m. in Dubai. The measure has surged 23 percent so far this year.
“It is a technical correction,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. “Some investors are on the sidelines awaiting the results of Emaar’s board meeting, which could impact stocks prices.”
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