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Dubai’s index tumbles

Dubai : Dubai’s index tumbled 5.4 per cent. Builder Arabtec Holding and developer Emaar Properties, the most heavily traded stocks, lost 9.1 and 6.5 per cent respectively.

Some stocks, such as property firm Deyaar and builder Drake and Scull, fell by their daily 10 per cent limits.

Although Dubai is much less dependent on oil revenues than other Gulf states, its stock market has been hit hardest in the region in recent months because of its higher liquidity, exposure to foreign investors and the unwinding of leveraged positions.

According to bourse data, retail investors accounted for 86 per cent of selling activity on Tuesday and foreigners were also net sellers.

On other Gulf markets, Abu Dhabi’s index dropped 2.2 per cent, Oman lost 2.7 per cent and Qatar’s bourse was down 1.9 per cent.

 

(*Source : TOI and Reuters)

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