Abu Dhabi: The UAE’s equity market indices plunged in early trade in the first trade session after the UK’s unprecedented move on Friday to leave the European Union.
The Dubai Financial Market (DFM) index fell 3.5 per cent at opening, and continued to drop in the few minutes afterwards. The index was at 3,223.14 – a 4.29 per cent drop – just 15 minutes after opening.
Share prices were also very much in the red, with Arabtec down 6.43 per cent and Emaar down 3.91 per cent.
In the capital, the index also dropped as soon as it opened, reaching 4,370.06 (2.88 per cent lower) at 10.15am (UAE time). The energy gauge saw the most drop, falling 4.75 per cent after oil prices slid on Friday on the back of the Brexit.
Other markets in the GCC, including Saudi’s Tadawul, are yet to open.
The plunge on ADX and DFM comes after a similar one on Friday when European markets fell no less than six per cent as the sterling fell to its lowest value since before 1985.
Elsewhere in the GCC, markets were also falling, with the Tadawul All Share Index opening nearly 4.14 per cent lower while Qatar's QE index was down 2.47 per cent to 9,720.61 just a few minutes after trade began.
