Dubai’s benchmark stock index fell for a second day on investor speculation a rally last week prompted by earnings that exceeded expectations was overdone.
Emaar Properties PJSC (EMAAR), which last week surged 5.2 percent, dropped the most since July 23. Dubai Financial Market PJSC (DFM), the only publicly traded Gulf Arab stock market, declined for a second day. The DFM General Index fell 0.2 percent to 1,556.79, the lowest level since Aug. 2, at the close in the emirate. The measure rallied 2.7 percent last week. The Bloomberg GCC 200 Index (BGCC200) gained 0.1 percent and Qatar’s QE Index rose 0.2 percent.
“The market is experiencing some slight profit-taking on selected stocks” after the rally last week, said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments Ltd.
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