OREANDA-NEWS. February 17, 2015. Dubai's stock market fell sharply in a broad sell-off on Monday after oil's recent rally halted and Emaar Properties, the emirate's biggest listed developer, published results that disappointed some investors.

Brent crude was nearly flat by 1000 GMT after surging at the end of last week, with an oversupply continuing to weigh on the market despite data showing Japan had pulled out of recession.

Although oil has little direct impact on Dubai's economy, its sharp decline at the end of last year put the commodity in the focus of Gulf retail investors' attention.

The Dubai index closed 3.3 percent lower with most stocks in the red.

Emaar dropped 3.6 percent after posting a 14 percent increase in fourth-quarter profit.

The stock surged 4.6 percent ahead of the earnings release on Sunday.

Emaar's profit was slightly higher than analyst estimates, but Dubai's retail investors may have expected a bigger surprise.

Also, according to Naeem Brokerage, Emaar reported off-plan sales of only about 1.0 billion dirhams in the fourth quarter, down from 1.5 billion, 3.0 billion and 6.0 billion in the third, second and first quarters, respectively.

Other Gulf markets also declined, with Abu Dhabi and Qatar down 1.0 and 0.7 percent respectively.