Dubai index continues slide, down 3.52%

Dubai: The Dubai index extended its downward slide on Tuesday to re-visit its lowest level since February 2014 on continued sell-off triggered by sliding crude oil prices.

The Dubai Financial Market General Index closed at 3,888.79 on Tuesday, down 3.52 per cent, after falling to an intra-day low of 3,782 at 12.39 pm, a level last seen in early February.

Emaar Properties, the real-estate developer that accounts for about 20 per cent of Dubai’s gauge, fell more than 9.38 per cent at Dh7.54 per share during the day after it went ex-dividend. The stock closed at Dh8.02 on Tuesday, down 3.61%.

The ADX general index, meanwhile, was down 2.01 per cent to 4,582.57.

Brent and West Texas Intermediate fell to a five-year low as Iraq followed Saudi Arabia in cutting prices for crude sales to Asia.