Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Dubai Shares Fall Most in 2 Weeks on Outlook, Oil; Qatar Drops

Dubai Stocks Rise on Property Company Projects, Profit Outlook
Emaar Properties PJSC, developer of the world’s tallest skyscraper, climbed to the highest level since December 2010. Photographer: Gabriela Maj/Bloomberg

Dubai’s benchmark stock index fell the most in almost two weeks before companies in the emirate report third-quarter financial results and after oil dropped.

Arabtec Holding Co., the United Arab Emirates’ biggest construction company, fell to the lowest level since March 8. Emaar Properties PJSC, developer of the world’s tallest skyscraper, decreased 1.1 percent. Dubai’s DFM General Index dropped 0.8 percent, the most since Sept. 10, to 1,592.78 at the close. The measure has soared 9.7 percent this quarter. Qatar’s QE Index retreated 0.4 percent and the Bloomberg GCC 200 Index of the region’s top 200 equities lost 0.1 percent.

“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.

Gulf Cooperation Council countries are scheduled to announce quarterly results next month. Arabtec, which has the fourth-heaviest weighting on Dubai’s gauge, may post third-quarter profit of 15 million dirhams ($4.1 million), according to an estimate by Securities & Investment Co. and 7 million dirhams, according to National Bank of Kuwait. That’s down from 39.1 million dirhams in the year-earlier period. Emaar may report a 14 percent drop in net income, a National Bank of Kuwait estimate on Bloomberg shows.

Oil’s Slump

Crude oil tumbled 6.2 percent last week, the most since the week ended June. 1, to $92.89 a barrel in New York. Oil may decline this week after data from Asia, Europe and North America increased investors’ concern that global economic growth is slowing, a Bloomberg survey showed. A Chinese manufacturing survey last week signaled the industry contracted for an 11th consecutive month, while Japan’s exports declined in August. The U.A.E., Saudi Arabia and four other members in the GCC supply about a fifth of the world’s oil.

Arabtec dropped 4 percent to 2.63 dirhams, trimming this year’s rally to 74 percent. Emaar, up 26 percent in the third quarter, fell to 3.54 dirhams.

Abu Dhabi’s ADX General Index declined 0.2 percent and Oman’s MSM30 Index fell 0.3 percent. Bahrain’s BB All Share Index gained 0.3 percent and Kuwait’s Stock Exchange Price Index rose 0.2 percent.

Israel’s TA-25 Index climbed 0.9 percent. The yield on the benchmark 5 percent Mimshal Shiklit notes due January 2022 dropped five basis points, or 0.05 percentage point, to 4.29 percent.

In North Africa, Egypt’s EGX 30 closed 0.2 percent lower at 5,815.40. An Egyptian administrative court affirmed a June ruling by the country’s highest court that led to the dissolution of parliament’s lower house, the state-run Middle East News Agency reported.

Saudi Arabia’s stock market is closed for a national holiday.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.