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Dubai market closes at its lowest since March 2005

Dubai's benchmark index closed at its lowest since March 2005 as global recession fears spilled over into Gulf markets.

  • Agencies
  • Published: 14:39 October 27, 2008
  • Gulf News

  • Emaar Properties dragged Dubai index lower, falling 9.25 per cent.
  • Image Credit: Abdul Rahman/Gulf News

Dubai: Dubai's benchmark index closed at its lowest since March 2005 as global recession fears spilled over into Gulf markets.

Emaar Properties dragged Dubai index lower, falling 9.25 per cent. The index dropped 5.8 per cent to 2,922 points.

In Abu Dhabi, the index lost 2.01 per cent at 3,321 points as First Gulf Bank dropped 10 per cent.

Kuwait's bourse also ended lower as the fall out from the central bank's move to save Gulf Bank continued to rattle investor sentiment.

The main index ended 2.22 per cent lower at 9,889 points on broad-based weakness, particularly among financial stocks.

In Qatar, Commercial Bank of Qatar lost 6.34 per cent as a slew of stocks shed more than 9 per cent amid fears the financial crisis may last longer than expected.

The Qatar index closed down 1.46 per cent at 6,792 points.

The Bahrain index fell to its lowest close since May 2007, down 2.9 per cent at 2,142 points.

Oman's benchmark index ends at its lowest close since June 2007, a slew of stocks falling more than 9 per cent, including Bank Muscat.

The benchmark index sank 7.45 per cent to 6,021 points while National Bank of Oman shed 6.33 per cent.

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