Dubai Stocks Drop Before Emaar Malls Sale Starts; Qatar Retreats - Bloomberg:
"Dubai’s benchmark index declined the most in a month as investors raise funds before Emaar Properties PJSC (EMAAR) opens the subscription for shares in its malls unit next week. Qatari stocks also fell.
The Dubai Financial Market General Index (DFMGI) lost 1.7 percent, the most since Aug. 6, to close 5,034.95, as Emaar retreated for a second day and Dubai Islamic Bank PJSC had the steepest decline in more than a month. In Doha, Industries Qatar QSC’s 2.1 percent drop led the QE Index 0.7 percent lower to 13,882.49.
“It’s profit taking, but not an extensive one, as some investors are preparing for the Emaar Mall’s share sale,” Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, said by telephone today. “The market was selling even before the dates for subscription were announced.”"
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