Abu Dhabi: Abu Dhabi's benchmark suffers its biggest decline of 2010 and Dubai's index slips to a three-month low as nervy investors dump stocks amid a worldwide sell-off.
The market plunge was in line with the decline on the regional and international stock markets, with Dubai Financial Market index down 4.64 per cent to 1,570 and Abu Dhabi Securities Exchange index down 3.13 per cent to 2,650.
Real estate major Emaar led the decline in Dubai, its shares falling 7.82 per cent to Dh3.32, while Arabtec's shares fell 7.11 per cent to Dh2.09.
In Abu Dhabi, Finance House's shares fell the most - 9.89 per cent - to Dh4.19. Shares of Aldar Properties, one of the largest listed companies by market capitalisation in the UAE fell 7.8 per cent to Dh3.16.
World stock indexes are steepening their declines, with the central bank takeover of a Spanish lender at the weekend reminding investors the world is only just recovering from a banking crisis, following weeks of anxiety over how to stop a debt crisis begun in Greece from deepening.
- With inputs from Reuters
