Dubai Financial Market index declines 7.30 per cent

Dubai and Abu Dhabi: The Dubai bourse closed 7.30 per cent lower at the end of the trading session today, its largest one-day loss in over a year as investors reacted to Dubai government’s efforts to restructure some of its debt. The sell-off was across the board, and the index closed at 1,940.

The Abu Dhabi exchange fell 8.24 per cent to 2,670. All sectors saw losses, although there were high volumes of trade.

Earlier, DFM index dropped 6 per cent on opening as low market sentiment, dragged down owing to Dubai World restructuring.

At 12:31 P.M., the Abu Dhabi (ADX) general index was down 8.24 per cent to 2,670.30.

ADX-listed stocks extend losses as investors are in a sell-off mode triggered by investor concerns over news of Dubai World restructuring.

Also weighing on investor confidence is the National Bank of Abu Dhabi announcement earlier on Monday that it has a $345 million exposure to the Dubai World Group.

All sub-indices were down, led by real estate, which is down 9.90 per cent, telecommunications is down 9.73 per cent and energy is down 9.67 per cent.