Business | Markets
Abu Dhabi posts biggest loss in 20 months
The Abu Dhabi benchmark recorded its biggest one-day loss in 20 months as foreign funds sell shares in the UAE after a global equity rout last week skewed portfolios in favour of rallying Gulf markets.
- Reuters
- Published: 16:28 January 20, 2008
Dubai: The Abu Dhabi benchmark recorded its biggest one-day loss in 20 months as foreign funds sell shares in the UAE after a global equity rout last week skewed portfolios in favour of rallying Gulf markets.
The Abu Dhabi index fell 3.12 per cent to 4,691.76 points, its sharpest slide since May, 2006.
Emirates Telecommunications Corp fell 2.9 per cent and National Bank of Abu Dhabi 8.3 per cent.
Dubai's benchmark dropped 3.17 per cent to 5,868.35 points, its biggest one-day decline since November 7.
Emaar Properties led the retreat, falling 3.79 per cent to 13.95 dirhams, its lowest close in nearly five weeks.
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