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Dubai shares fall most in two weeks

Dubai’s benchmark stock index declined the most in almost two weeks. Arabtec fell to the lowest level since March 8 to Dh2.63 indicating a drop of four per cent. Emaar Properties decreased 1.1 per cent to Dh3.54.

Dubai’s DFM General Index dropped 0.8 per cent, the most since September 10, to close at 1,592.78 points. The measure has soared 9.7 per cent this quarter.

Abu Dhabi’s ADX General Index declined 0.2 per cent to close at 2,611.44 points. Qatar’s QE Index retreated 0.4 per cent and the Bloomberg GCC 200 Index of the region’s top 200 equities lost 0.1 per cent.

“We’re getting closer to third-quarter results, so traders are waiting for signals, especially because the markets have already rallied,” said Nabil Rantisi, managing director of brokerage at Abu Dhabi-based Menacorp.

Arabtec may post third-quarter profit of Dh15 million ($4.1 million), according to an estimate by Securities & Investment and Dh7 million, according to National Bank of Kuwait.

Oman’s MSM30 Index fell 0.3 per cent. Bahrain’s BB All Share Index gained 0.3 per cent and Kuwait’s Stock Exchange Price Index rose 0.2 per cent.

In North Africa, Egypt’s EGX 30 swung between gains of as much as 0.2 per cent and a drop of as much as 0.5 per cent before trading little changed at 5,825.47. Saudi Arabia’s stock market is closed for a national holiday. 
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