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Dubai Shares Tumble 
to Two-Month Low

Emaar, the United Arab Emirates’ largest property developer, dropped to its lowest in more than two weeks. Dubai Islamic Bank, the country’s biggest Islamic lender, tumbled to the lowest in more then two months.

The Dubai Financial Market General Index slid for a fourth day, losing 2.6 per cent to 2,073.66. Abu Dhabi’s index dropped 2 per cent, falling to its lowest since September 2. About 188 million shares traded in Dubai’s index today, or 45 per cent of the three-month daily average, according to data compiled by Bloomberg.

“The bad news out of Dubai and low volumes before the Eid holiday are definitely weighing heavily on the market,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi. “Dubai’s index can easily drop 10 per cent in the coming few weeks.”

The stock market will close four days in the next two weeks in celebration of the Eid Al-Adha holiday on November 26 and 29 and the United Arab Emirates National Day on December 2 and 3.

Emaar lost 4.4 per cent, its biggest one-day drop since November 3, to 4.14 dirhams. Dubai Islamic fell 5.3 dirhams to 2.67 dirhams, its lowest close since September 6.

Qatar’s DSM 20 Index fell 0.1 percent and Oman’s MSM30 Index dropped less than 0.1 per cent. Saudi Arabia’s Tadawul All Share Index declined 0.3 per cent to 6,253.64 at 1:50 p.m. in the kingdom.

The Kuwait Stock Exchange Index added 1 percent and Bahrain’s measure gained 0.5 percent.—