Dubai: Dubai index fell more than 3.5 per cent to its lowest level in more than two months on Wednesday, led by Emaar Properties, which fell on rumours of the resignation by its chairman. Abu Dhabi index also fell more than a per cent.
The Dubai Financial Market General Index ended 3.57 per cent lower at 3,408.18, after hitting a low of 3,374.37, a level last seen in early January.
“The fall is related to worries of Emaar’s chairman stepping down. The sentiment turned negative due to that rumour and impacted mainly blue chips, and the market,” Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings told Gulf News.
Emaar Properties, which has the maximum weightage on the Dubai index, ended 5.3 per cent lower at Dh6.25, after speculation that chairman Mohammad Alabbar may scale back his role in the company. Emaar was the most-active stock in trade.
An Emaar spokesperson categorically denied the rumour, saying “the chairman is fully committed to the company he founded.”
The Abu Dhabi Securities Exchange General Index ended 1.17 per cent lower at 4,280.07.
