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
  • Gulf News

  • Concerns about the fallout from a global slowdown hits real estate and banking shares in the UAE.
  • Image Credit: Megan Hirons/Gulf News
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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.

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