Dubai Shares Head for Worst Quarter Since 2012; Qatar Drops - Bloomberg

Dubai Shares Head for Worst Quarter Since 2012; Qatar Drops - Bloomberg:



"Dubai stocks extended declines, heading for their worst quarter in two years, as some investors judged shares too expensive. Qatar’s index also dropped.



The DFM General Index (DFMGI) fell 1.3 percent to 4,168.95 at 11:18 a.m. in the emirate, bringing the retreat since the end of March to 6.3 percent and on course for the first quarterly loss since the three months ending June 2012. Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest listed construction company, lost 3.6 percent. Deyaar Development PJSC slid 2.9 percent. Qatar’s QE Index slipped 1.4 percent to 11,648.42, the lowest level since March 31.



Dubai’s index has tumbled 18 percent this month. It entered a bear market on June 23 after dropping 20 percent from a high in May. The losses cut its estimated price-earnings ratio to 14, from a peak of 19 in May. That compares with a ratio of 11 for the MSCI Emerging Markets Index, according to data compiled by Bloomberg."



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