Emaar Properties erased all of last month's gains as stocks in the developer of the Burj Khalifa fell to their lowest level since July.
The Dubai-based developer's shares slid 0.9 per cent in early trading to Dh3.26, having fallen during all but three days during the past two weeks.
The biggest mover on the Dubai Financial Market General Index, Emaar pushed the index down 0.4 per cent to 1,540.93.
The Abu Dhabi Securities Exchange General Index was flat at 2,555.49. Sleepy trading prevailed on the ADX, with only 11 stocks changing hands on the capital's exchange and most large cap stocks unmoved.
Most markets in the Gulf were flat, with the exception of the Muscat Securities Market, where stocks rose 0.4 per cent.
Asian markets slid on concerns over Chinese growth, with the Nikkei 225 falling 0.1 per cent to 8,775.51 and the Hang Seng Index down 0.2 per cent at 19,505.90.
Oil prices ticked upwards, with Brent crude futures rising 18 cents to $116.35 per barrel.
Gold prices entered their third day of gains, after US Federal Reserve chairman Ben Bernanke hinted at further quantitative easing in the world's largest economy during the weekend. The precious metal rose 0.3 per cent to $1,694.23 per troy ounce.