"Dubai’s benchmark stock index headed for the biggest drop in more than a year, led by Emaar Properties PJSC, as concern the U.S. may reduce fiscal stimulus prompted a selloff in emerging markets.
Emaar, builder of the world’s tallest skyscraper, declined to the lowest in two months and Dubai Financial Market, the Persian Gulf’s only publicly traded stock market, slumped 6.3 percent. The DFM General Index retreated 2.7 percent, the most since March 2012 on a closing basis, to 2,295.85 at 1:16 p.m. in Dubai. Abu Dhabi’s ADX General Index lost 1.5 percent.
Emerging markets stocks last week tumbled 5.6 percent, the most in 13 months, as Federal Reserve Chairmen Ben S. Bernanke said June 19 that the U.S. may halt bond purchases by mid-2014. China’s manufacturing is shrinking at a faster pace this month, adding to stresses in the economy and financial system after interbank borrowing costs surged."
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