Business | Markets
UAE stock markets plunge for fourth straight day
Share prices in the UAE plunged for the fourth straight day, as recent negative sentiment showed no sign of slowing.
- Staff Report
- Published: 14:29 December 24, 2008
- Image Credit: Gulf News Archive
- Share prices in the UAE plunged for the fourth straight day
Dubai/Abu Dhabi: Share prices in the UAE plunged for the fourth straight day, as recent negative sentiment showed no sign of slowing.
The Dubai Financial Market shed 4.97 per cent to leave it on 1,609 points while the Abu Dhabi Securities Exchange dropped by 3.47 per cent to end the day on 2,326 points.
Property heavyweight Emaar led the slide on the day it was announced that its share buyback plan had been cancelled while etisalat also registered heavy falls.
Emaar's share price fell by 6.64 per cent to just Dh2.25 on the day, continuing a miserable year of trading which has seen its price fall by around 85 per cent in the last 12 months.
Arabtec, which has endured a similar fall over the past year, fell by more than almost nine per cent to leave shares trading at Dh3.47 at the close.
The telecoms sector was hard hit on the Abu Dhabi exchange, with etisalat losing 7.91 per cent but Sharjah Islamic Bank was the biggest loser (9.71 per cent fall to Dh0.93).
More from Markets
More from Business
Business Editor's choice
-
Saudi-Bahraini economic ties hit new high
Whilst press reports continue speculating on a possible new political structure defining ties between Saudi Arabia and Bahrain, facts on the ground confirm ever- stronger economic ties between the two neighbours
-
Cupid targets the Fed with early tweets
Declarations range from pure romance to cute overtures and racier fare
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
