Shares in Dubai declined to the lowest level in five months as the emirate’s largest stock traded without the right to its next dividend and Gulf markets retreated amid plunging oil prices.
The DFM General Index fell 2.2 percent to 4,186.11 at the close. The gauge lost 19 percent since the most recent peak on Sept. 3, leaving it less than 50 points away from a bear market. The measure fell as much as 4 percent in intraday trading. Emaar Properties PJSC, the real-estate developer that accounts for about 20 percent of Dubai’s gauge, traded without the right to receive a 1.257 dirham dividend and was the biggest drag on the gauge by index points.