Dubai’s shares fell for the second time this week amid concern the recent rally was overdone and as investors awaited third-quarter earnings.
Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank by assets, fell the most in more than a week, while logistics company Aramex PJSC (ARMX) dropped the most since Aug. 28. Drake & Scull International PJSC (DSI), the Dubai-based electrical and mechanical engineering company, retreated 1.4 percent. The DFM General Index (DFMGI) declined 0.3 percent to 1,550.13 at the close, while the Bloomberg GCC 200 Index was little changed.
Dubai’s benchmark index has still gained 6.8 percent this quarter amid speculation the U.S. Federal Reserve will act to boost growth in the world’s biggest economy and as oil prices climbed. It has lost 2.4 percent in the two weeks since Aug. 23.
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