Dubai: Dubai’s benchmark index plunged by 6.68 per cent to 4,009.01 points on Tuesday, its biggest daily loss since August 2013.
The index has dived around 8.7 per cent during intra trade and recovered slightly towards the close, led by real estate, services, investment and financial shares. The shares entered a bear market from Sunday after falling 20 per cent since May.
Arabtec shares declined by 9.83 per cent, lowest since February, after the company sacked a number of staff. The Arbatec saga is hurting the market and it was the first stock to hit the 10 per cent ceiling. Aman, Deyaar and Dubai Investment, National Cement and Gulf General Investments are the other shares that followed Arabtec and closed down by 10 per cent.
Abu Dhabi index closed 3.32 per cent lower at 4553.31 points, led by real estate, energy, investment and financial shares.
