Dubai Shares End 4-Day Rally on Bets Gains Overdone; Qatar Falls - Bloomberg

Dubai Shares End 4-Day Rally on Bets Gains Overdone; Qatar Falls - Bloomberg:

"Dubai’s benchmark index, the world’s best-performing stocks gauge this year, fell as investors sought to take advantage of a four-day rally to pocket gains. Qatari shares declined, while Abu Dhabi’s rose.

The DFM General Index dropped 0.5 percent to 3,291.52 at 12:57 p.m. in Dubai, trimming its advance this year to 103 percent. The measure is beating 93 benchmarks tracked by Bloomberg. Shuaa Capital PSC (SHUAA), the investment bank controlled by Dubai’s ruler, lost the most in almost two weeks and Emirates NBD (EMIRATES) PJSC, the second-largest lender in the United Arab Emirates, slid as much as 3.1 percent. Qatar’s QE Index (DSM) retreated 0.6 percent and Abu Dhabi’s ADX General Index gained 0.3 percent.

Shares in Dubai benefited from an economic recovery in the emirate, led by a resurgence in property prices, trade and tourism. Growth is set to average 4.6 percent a year between 2012 and 2015, more than twice the rate of the previous four years, according to government forecasts."

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