Business | Markets
Real estate and bank shares plummet as markets open in the UAE
Real estate shares in the United Arab Emirates slumped in early trading on Thursday, weighing on the Dubai and Abu Dhabi benchmarks.
- Staff Report
- Published: 10:50 October 23, 2008
Dubai: Real estate shares in the United Arab Emirates slumped in early trading on Thursday, weighing on the Dubai and Abu Dhabi benchmarks.
Shares in Emaar Properties plunged 5.05 per cent, while Union Properties and construction firm Arabtec declined 4.29 per cent and 4.43 per cent respectively.
Dubai's index fell 3.32 per cent to 3,102 points.
In Abu Dhabi, Sorouh Real Estate and Aldar Properties declined 8.7 per cent and 9.08 per cent respectively.
Etisalat, down 2.82 per cent, is leading the decline on the main index, which declined 3.69 per cent to 3,462 points.
Banks are also badly hit, with National Bank of Abu Dhabi slipping 9.29 per cent and Union National Bank dropping 10 per cent.
Other Gulf markets are also falling on Thursday, extending the previous sessions' slide and tracking weakness in stocks markets across the world on growing global recession fears.
Share this article
More from Markets
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
The brains behind campaigns
Chief executives likely to be guided more by bankers and consultants
-
Leaders blast Britain's green departure tax
UK government pulls out of UN body ahead of Copenhagen summit
-
Emirates could buy more aircraft
Airline plans new routes, expects demand to increase
