Business | Markets
UAE stock markets slump on fears of global recession
The UAE markets closed lower on Sunday, tracking a retreat across the region.
- Agencies
- Published: 10:42 October 26, 2008
- Image Credit: Megan Hirons/Gulf News
- Concerns about the fallout from a global slowdown hits real estate and banking shares in the UAE.
Dubai: The UAE markets closed lower on Sunday, tracking a retreat across the region as concerns about the fallout from a global slowdown hits real estate and banking shares.
Dubai's main index fell 4.74 per cent to 3,102 points and Abu Dhabi index fell 3.77 per cent to 3,389 points.
Emaar Properties plunged 6.33 per cent and Aldar Properties 7.31 per cent.
In the banking sector, Dubai Islamic Bank retreated 8.06 per cent and National Bank of Abu Dhabi dropped 9.06 per cent.
Kuwait's main index fell to its lowest close in more than 19 months as investors dropped banking stocks after the central bank stepped in to support Gulf Bank, which was hit by derivatives trading losses.
Banks also dragged Bahrain's index down 3.65 per cent to 2,207.06 points.
Qatar's main index plunged almost 9 per cent, its biggest one-day drop in at least two years.
Oman's main index posted its biggest one-day decline since January, closing at its lowest level in more than 14 months as investors fearing global recession dumped regional stocks.
Related Links
- Foreign stock buys hit 32.8%
- Dollar cashes in on recession fears
- Saudi benchmark index slumps 8.7%
- Sensex unlikely to recover soon
- GCC: Monetary union urgent in face of financial crisis
- Solutions to alleviate global banking crisis
- Removal of market floor poses new risks
- Gulf policymakers to discuss new steps
- World stock markets decline
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
