Business | Markets
Real estate sector drives Dubai index down by nearly 4 per cent
Stock exchanges in the UAE fell again over renewed fears over the health of the country's real estate sector.
- Agencies
- Published: 12:29 November 10, 2008
- Emaar Properties dropped nearly 6 per cent over fears about real estate sector in the UAE, pulling the Dubai market down.
- Image Credit: Gulf News Archive
Dubai: Stock exchanges in the UAE fell again over renewed fears over the health of the country's real estate sector.
Emaar Properties ended 6.53 per cent lower, while construction firm Arabtec and mortgage lender Tamweel lost 8.96 per cent and 6.1 per cent respectively.
The Dubai index ended 3.96 per cent lower at 2,527 points.
Abu Dhabi's real estate sector is also hit, with Sorouh Real Estate and Arkan Building Materials plummeting 7.89 per cent and 8.27 per cent respectively.
The benchmark declined declines 1.98 per cent to 3,127 points.
Dubai Ports World plummeted 5.88 per cent to trade at $0.32 on the Dubai International Financial Exchange.
Qatar's main index ended 3.65 per cent lower at 6,765 points as fears of a global economic slowdown weighs on investor sentiment.
Industries Qatar and Qatar Islamic Bank slumped 5.37 per cent and 6.88 per cent respectively.
In Kuwait, investor concerns over the remaining third-quarter results push the benchmark down to end 1.57 per cent lower at 9,256 points.
National Bank of Kuwait and Al Ahli Bank lost 2.74 per cent and 3.53 per cent respectively.
Bahrain's main index ended 0.79 per cent lower at 2,165 points.
Shares in Ithmaar Bank fell 5.75 per cent, after it posts a $14.13 million pre-tax loss in the third quarter because operations were affected by the global credit crisis.
Oman's main index ended 0.1 per cent higher at 6,701 points, bucking the trend in other Gulf Arab markets, which are hit by worries about the regional impact of the global financial turmoil.
Bank Muscat and Bank Sohar rose 1.2 per cent and 1.82 percent respectively. Galfar Engineering Co gained 1.89 per cent.
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