Dubai Caps Worst Month Since 2008 as Real Estate Stocks Tumble - Bloomberg

Dubai Caps Worst Month Since 2008 as Real Estate Stocks Tumble - Bloomberg:



"Dubai shares declined, posting the biggest monthly retreat in almost six years, as investors fled property stocks.



The DFM General Index (DFMGI) lost 4.4 percent to 3,942.82 at the close, bringing its monthly loss to 22 percent, the most since November 2008. It entered a bear market last week after the shares plunged 20 percent from their peak in May. Emaar Properties PJSC (EMAAR), the developer with the biggest weighting on the measure, decreased 3.7 percent. Arabtec Holding Co. (ARTC), the United Arab Emirates’ largest listed contractor, fell 10 percent, the most allowed in a day. 




The U.A.E.’s central bank on June 8 warned that the country’s real estate market may be overheating, spurring the stocks’ first quarterly retreat since the three months ended June 2012. A restructuring at Arabtec stoked concern the market’s property-led gains in the past two years were overdone."



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