Dubai Stocks Enter Bear Market Ending Best Rally Since 2005
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Dubai shares plunged, dragging the benchmark index down 20 percent from a peak in May and bringing an end to the biggest bull market since 2005.
The DFM General Index declined 4.3 percent to 4,296 at the close, entering a bear market after falling from a high on May 6. The drop was led by real-estate stocks including Arabtec Holding Co., which tumbled 9.9 percent after three people familiar with the matter said the company dismissed hundreds of staff, including several senior executives.