Local markets slipped to new lows in morning trading with major players all seeing stocks fall.
Seven-month low for DFM trading
The Dubai Financial Market General Market Index hit a seven-month low in morning trading, as investors around the world shied away from equities.
The Abu Dhabi Index also fell in morning trading, sliding 0.58 per cent decline after posting a 0.10 per cent increase on Sunday. National Bank of Abu Dhabi led the drop off, trading at 2.83 per cent below its opening levels.
Etisalat was down 0.48 per cent, while Union National Bank and Sorouh were also down.
The news around the world continued to weigh on markets, as European finance ministers meet to discuss the fate of Greek debt. All the major Asia-Pacific indexes are down, including a 2.7 per cent drop in the MSCI Asia Pacific Index.
Oil also continues to drop, hitting $77.36 a barrel over concerns problems in Europe will dampen demand.
Meanwhile, the euro has fallen to $1.3314, an eight-month low versus the dollar.