Dubai’s benchmark stock index declined the most in almost two weeks after oil posted its biggest weekly drop in three months and before third-quarter results.
Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company, fell to the lowest level since March 8. Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, decreased 1.1 percent. Dubai’s DFM General Index (DFMGI) dropped 0.8 percent, the most since Sept. 10, to 1,592.78 at the close. The measure has soared 9.7 percent this quarter. Qatar’s QE Index (DSM) retreated 0.4 percent and the Bloomberg GCC 200 Index (BGCC200) of the region’s top 200 equities lost 0.1 percent.
“We’re getting closer to third-quarter results, so traders are waiting for signals, especially because the markets have already rallied,” said Nabil Rantisi, managing director of brokerage at Abu Dhabi-based Menacorp.
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