Dubai Shares Drop Most in 2 Months on Global Rout; Israel Falls - Bloomberg

Dubai Shares Drop Most in 2 Months on Global Rout; Israel Falls - Bloomberg:



"Dubai’s benchmark stock index retreated the most in more than two months, joining a global equities selloff. Abu Dhabi’s gauge tumbled the most in almost five months.



The DFM General Index (DFMGI) dropped 2.1 percent, the most since Nov. 11, to 3,737.33, at 1:52 p.m. in Dubai. The measure, which rose 3.6 percent on Jan. 23, has still more than doubled in the past 12 months. Emaar Properties PJSC (EMAAR), the emirate’s biggest real-estate developer, had the biggest decline in more than a week and Dubai Islamic Bank lost as much as 6.8 percent. Abu Dhabi’s gauge slid 1.7 percent, the most since Sept. 9, as the United Arab Emirates’ government said the country’s president is recovering from a stroke.


Today’s declines follow a broader retreat in global markets last week, when China spurred concern that global growth will slow. The MSCI Emerging Markets Index lost 2.3 percent last week, while the Standard & Poor’s 500 Index posted the largest weekly slump since June 2012.

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