UAE real estate stocks continue to slump in early trade

Dubai: Real estate stocks continued to tumble during early trading on Wednesday in the UAE.

Emaar Properties slumped 8.82 per cent to 3.41 dirhams, having already fallen almost 30 per cent in November. Deyaar and Union Properties, both fell more than 9 per cent.

Damac Properties, Dubai's largest private developer axed 200 jobs on Tuesday citing worsening global economic conditions.

The index shed 5.25 per cent to 2,219 points.

Real estate also weighs in Abu Dhabi as Sorouh Real Estate and Aldar Properties slumped almost 10 per cent, dragging the index 5 percent lower to 2,826 points.

In Oman, the benchmark fell 0.22 per cent to 6,553 points.