Dubai Stocks Drop Most in Month on Woes Rally Overdone
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Dubai’s benchmark stock index fell the most in a month, tracking a decline in global markets last week, on investor concern this year’s rally was overdone given prospects for earnings growth. Saudi Arabia’s gauge dropped.
The DFM General Index tumbled 1.7 percent, the most since March 12, to close at 4,759.15 in the emirate. Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest shariah-compliant bank, declined for a third day. Emaar Properties PJSC, had its steepest drop in a month. Saudi Arabia’s Tadawul All Share Index fell 0.9 percent, while Al Rajhi Bank plunged the most in seven months as first-quarter profit trailed analysts’ estimates.