"Dubai shares declined the most in more than a month on investor bets gains this year are overdone and as stocks in Europe and Asia retreated from a five-year high. Abu Dhabi’s gauge also decreased.
Emaar Properties PJSC (EMAAR), the developer of the world’s tallest building, slid the most in more than four weeks. Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ second-biggest bank by assets, lost 1.6 percent. Dubai’s benchmark DFM General Index dropped 0.9 percent, the most since April 18, to 2,319.35 at the close in the emirate. The measure is still up 43 percent this year and two days ago closed at the highest since October 2009. Abu Dhabi’s benchmark declined 0.4 percent, trimming the gain for the year to 33 percent.
Shares on Dubai’s benchmark trade at an average price-to-book value of 0.94, the highest since 2009, and compared with 0.69 at the end of last year. In Europe, the Stoxx Europe 600 Index (DFMGI) slipped 0.5 percent at 12:24 p.m. in London, as remarks by a Federal Reserve official fueled concern the central bank may reduce stimulus measures."
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