Business | Markets

Real estate drives Dubai index down as Arab stocks slump for second day

Arab stock markets fell on Thursday for a second day, with Gulf shares ending a mixed week.

  • Staff Report
  • Published: 15:47 October 16, 2008
  • Gulf News

  • The Dubai Financial Market Index finished the week's final day of trading down 6.5 per cent at 3,204.11 points.
  • Image Credit: Gulf News Archive

Dubai: Arab stock markets fell on Thursday for a second day, with Gulf shares ending a mixed week.

The Dubai Financial Market Index finished the week's final day of trading down 6.5 per cent at 3,204.11 points.

Real estate developer Emaar shed 9.7 per cent on Thursday, while the real estate sector as a whole dropped 9.2 per cent.

Abu Dhabi Securities Exchange saw its index drop 4.5 per cent to 3,366.72 points. The real estate sector shed 9.5 per cent.

The Abu Dhabi market, however, ended the week up five per cent. The Kuwait Stock Exchange, the second-largest Arab bourse, dropped 1.5 per cent to 11,543.70 points on the day and shed three per cent from a week earlier.

The Doha Securities Market closed 3.6 per cent down from Wednesday at 7,803.97 points, below the 8,000-point barrier.

The smaller Muscat Securities Market lost 5.7 per cent for the day while Bahrain Stock Exchange dropped 1.2 per cent on Thursday.

The Saudi market, where trading ends on Wednesday, gained more than 11 per cent for the week.

The Arab region's largest exchange recovered more than 55 billion dollars of capitalisation over three days to swell its value to 360 billion dollars.

  • 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

More from Markets

  1. Property bubbles doubly destructive

  2. Investors show trust in Dubai

  3. Karachi index ends flat after rate cut

  4. Abu Dhabi and Dubai bourses rise

All articles in Markets

More from Business

Gulf News
Popular in Business
Airlines in the region
Budget travel

Airlines in the region

Take a pictorial look at some of the budget airlines in GCC

Business Editor's choice