Business | Markets

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.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

Related Articles

  1. Kuwait rescues bank hit by losses

    Kuwait rescues bank hit by losses

    Kuwait rescues bank hit by trading losses

  2. Gulf stocks decline amid investor fears

    Gulf Arab bourses decline in line with world markets

  3. Regional market slump deepens

    Regional market slump deepens

  4. Muscat Securities Market slumps

    Muscat Securities Market slumps to lowest in over a year

  5. GCC economies 'responding well'

    GCC economies responding well to crisis, Saudi minister says

  6. Asian stock markets resume slide

    Asian stock markets resume slide

    Philippines, India claim biggest losses as Asian markets slide

  7. Saudi benchmark index slumps 8.7%

    Saudi Arabia's benchmark index slumps 8.7%

  8. UAE stock markets slump

    UAE stock markets slump

    UAE stock markets slump on fears of global recession

  9. Trading halted in Kuwait's Gulf Bank stocks after investors balk on covering losses

    Trading halted in Kuwait's Gulf Bank stocks after investors balk on covering losses

More from Markets

  1. New corporate rules to be effective from May

  2. Pakistani stocks fall on security fears

  3. Borse Dubai concludes conference

  4. Gold reverses gains as greenback recovers

All articles in Markets

More from Business

Gulf News
Popular in Business
Way to go this DSF
XPRESS

Way to go this DSF

A fun-filled route to guide you to all the happening dos in town

Business Editor's choice