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UAE stocks in sharp decline in early trading on Thursday

UAE stock markets went down sharply in early trading on Thursday, tracking a sharp sell-off in Asia on growing fears of a global recession.

  • Staff Report
  • Published: 11:14 October 16, 2008
  • Gulf News

Dubai: UAE stock markets went down sharply in early trading on Thursday, tracking a sharp sell-off in Asia on growing fears of a global recession.

Dubai's main index leads losses, falling 6.47 per cent to 3,206 points led by Emaar Properties and Dubai Islamic Bank which fell fall 8.51 per cent and 9.14 per cent respectively.

In Abu Dhabi, Sorouh Real Estate fell 9.23 per cent and Aldar Properties 8.87 percent as the benchmark slides 3.61 per cent to 3,398 points.

Negative sentiment increased after Wall Steet on Wednesday had its worst day since the 1987 stock market crash.

Muscat's measure is off 5.75 per cent at 7,247.97 points led by Bank Muscat, which fell 9.5 per cent and National Bank of Oman, which declines 6.85 per cent.

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