Dubai Stocks Drop Most in 3 Weeks Led by Arabtec as Rally Fades - Bloomberg

Dubai Stocks Drop Most in 3 Weeks Led by Arabtec as Rally Fades - Bloomberg:



"Dubai’s shares fell the most in almost three weeks, led by Arabtec Holding Co. (ARTC), as investors bet the market’s world-beating rally has lost steam.



The DFM General Index retreated 4.1 percent to 4,771.10 at the close, making it the worst performer so far today among more than 90 gauges tracked globally by Bloomberg. Shares of construction company Arabtec plunged 9.7 percent, the most since March 2013, and Emaar Properties PJSC (EMAAR) dropped 3.7 percent, after the United Arab Emirates’ central bank said the country’s property market may be overheating.



“Due to the high profits that people have been able to generate over the past year, you may see continuous selling pressure on the market,” Mohammed Ali Yasin, managing director of NBAD Securities in Abu Dhabi, said by phone today. “Breaking the 5,000 level yesterday was a negative signal” and there could be support at 4,750, he said."



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