Market Wrap: The Dubai Financial Market General Index slumped more than 1 per cent 1,532.92 points, the lowest level in a week, while the Abu Dhabi Securities Exchange General Index slumped 0.4 per cent to 2,713.30 points.
International slump hits Dubai's market
Dubai's measure slipped to a new low today as traders tracked a slump across international markets prompted by increasing concern over Greece's debt crisis.
The Dubai Financial Market General Index dropped more than 1 per cent 1,532.92 points, the lowest level in a week, while the Abu Dhabi Securities Exchange General Index fell 0.4 per cent to 2,713.30 points.
US lawmakers failed to agree on cutting the deficit amid rising concern that Greece's debt crisis may spread to other European nations.
"It is all about the international markets today after a very, very poor day in Europe," said Sebastian Henin, a fund manager at The National Investor in Abu Dhabi.
Losses across equity markets in the US, Asia and Europe led to a sell-off among the biggest companies in the UAE.
Emaar Properties slipped almost 2 per cent to Dh2.98 in Dubai, Arabtec fell 1.46 per cent to Dh1.35 and bourse operator DFM Company, the only publicly traded Arab market, retreated 0.8 per cent to Dh1.18.
Mr Henin said that while investors were still waiting for the release of second quarter earnings, there was little expectation these would meet analysts' expectations.
"When talking to brokers, none of them mentioned results in the second quarter. This is not a big player right now," he said.
All other Gulf markets were down today, with the Arab world's biggest market, the Saudi Arabian Tadawul, clocking the biggest loss. It was trading 1.4 per cent lower in afternoon trading.