Business | Markets
Dubai Financial Market experiences biggest fall
Emaar fell 7.74 per cent and closed at Dh4.05 despite posting a Q3 net profit of Dh655m
- By Nadia Saleem, Staff Reporter, Gulf News
- Published: 15:34 November 1, 2009
- Image Credit: Karl Jeffs/Gulf News
Dubai: Dubai’s bourse saw its largest single-day decline since August 17 as the benchmark dived 5.5 per cent today, closing at 2,076.56.
Emaar took the market down as it fell 7.74 per cent and closing at Dh4.05 despite posting a third-quarter net profit of Dh655 million.
The bourse saw an upswing in expectations of company results for third quarter but is taking a nosedive now as global markets took a hit and some companies posted losses.
Shuaa Capital slumped, closing down 9.69 per cent to Dh 1.77, after posting Dh269 million in third quarter losses. DFM closed down by 8.55 per cent to Dh2.14. Last week it announced a 67 drop in nine-month profits.
Arabtec fell by 6.79 per cent to Dh3.02 and Drake and Scull lost 4.85 per cent.
With inputs from Reuters
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
