Dubai Stock Gains Dissolve as Arabtec Plunges; Kuwait Advances - Bloomberg

Dubai Stock Gains Dissolve as Arabtec Plunges; Kuwait Advances - Bloomberg:



"Dubai stocks dropped, wiping out most of their gains from the previous three days, led by real estate-related companies Emaar Properties PJSC and Arabtec Holding Co. Kuwaiti shares rose.



The DFM General Index (DFMGI) fell 2.3 percent to 4,489.90 at the close, the biggest decline among markets in the Middle East, following a 2.8 percent advance in the previous three trading sessions. Emaar, developer of the world’s tallest tower, slid 3.4 percent, while Arabtec, the United Arab Emirates’ biggest publicly traded construction company, plummeted 9.9 percent. Kuwait’s SE Price Index gained the most since October.



“It’s a bit of profit taking and no one wants to hold a position for more than a day right now,” Nayal Khan, the head of institutional sales and trading at the Naeem Holding brokerage in Dubai, said by e-mail. “It’s all very jittery at the moment and there's no positive catalyst to take us higher.”"



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