Dubai’s stock-market nose-dived into the red on Sunday, taking cues from the pessimism on global markets on Friday, as well as declines on Saudi Arabia’s bourse yesterday.
Greek politicians are preparing for upcoming elections and discussing ways to keep the country from sinking further into its worsening debt crisis.
Arabtec Holding, the emirate’s biggest contractor, lost 2 per cent to Dh2.86 on the Dubai Financial Market (DFM) this morning. Emaar Properties, the region’s biggest developer lost 1 per cent, dropping to Dh2.87. Tabreed, the district cooling company, lost 1.7 per cent, moving to Dh1.13.
The DFM General Index lost 1 per cent to 1460.19 points.
Global markets from New York to Hong Kong ended the trading week with big losses.
The Standard & Poor’s 500 Index lost 0.7 per cent to 1295.22 points. The Dow Jones Industrial Average declined 0.5 per cent to 12,369.40 points. In Europe, The UK’s FTSE 100 Index lost 1.3 per cent to 5267.62 points, while Germany’s DAX declined 0.6 per cent to 6271.22 points.
But the losses in Asia were even steeper.
Japan’s Nikkei lost 2.9 per cent on Friday to 8,611.31 points. Korea’s Topix Index lost 2.8 per cent to 725.54 points. The Hang Seng declined 1.3 per cent to 18,951.80 points. Oil declined 1.1 per cent to $91.48 a barrel in New York.
Saudi Arabia’s Tadawul All-Share Index lost 1.8 per cent to 6966.37 points on Saturday.
The Abu Dhabi Securities Exchange (ADX) stock-market also fell early on Sunday.
Sorouh Real Estate declined 2 per cent to 94 fils. Arkan Building Materials slumped 3.7 per cent to 78 fils. The ADX General Index was down 0.1 per cent to 2465.08 points.
Elsewhere in the region, Kuwait’s measure lost 0.2 per cent to 6412.46 points. Bahrain’s index lost 0.4 per cent to 1151.52 points. Oman’s MSM 30 Index lost 0.3 per cent to 5638.33 points. Qatar’s QE Index slipped 0.1 per cent to 8455.33 points.
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