Dubai Stocks Drop Most Since July on Arabtec Stake-Sale Concern
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Dubai shares fell the most in more than seven weeks as Arabtec Holding Co. slid on speculation its largest shareholder will cut his stake and as investors raised cash before the Emaar Malls Group LLC initial public offering.
The DFM General Index declined 3.4 percent to 4,912.14 at the close in the emirate, the biggest drop since July 20 and the largest decline today among more than 90 gauges tracked globally by Bloomberg. Arabtec, the biggest publicly traded construction company in the United Arab Emirates, plunged 9.2 percent on volume 1.6 times the three-month daily average. Emaar Properties PJSC fell 2.7 percent.