Dubai Stocks Drop Most in Month on Woes Rally Overdone - Bloomberg

Dubai Stocks Drop Most in Month on Woes Rally Overdone - Bloomberg:



"Dubai’s benchmark stock index fell the most in a month, tracking a decline in global markets last week, on investor concern this year’s rally was overdone given prospects for earnings growth. Saudi Arabia’s gauge dropped.



The DFM General Index tumbled 1.7 percent, the most since March 12, to close at 4,759.15 in the emirate. Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ biggest shariah-compliant bank, declined for a third day. Emaar Properties PJSC (EMAAR), had its steepest drop in a month. Saudi Arabia’s Tadawul All Share Index fell 0.9 percent, while Al Rajhi Bank plunged the most in seven months as first-quarter profit trailed analysts’ estimates.



The Standard & Poor’s 500 Index and the Nasdaq Composite (CCMP) capped their worst week since 2012 on concern valuations had climbed too high as earnings season starts. Technology stocks led emerging market gauges to the biggest drops in three weeks after the U.S. threatened tougher sanctions against Russia over Ukraine. Dubai’s benchmark index trades at a price to estimated earnings ratio of 18.3 compared with 10.2 for the MSCI Emerging Markets Index, according to data compiled by Bloomberg."



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