Dubai's benchmark index falls to lowest level in over seven years

Dubai's benchmark index fell to its lowest level in more than seven years on Tuesday as global market turmoil continues to batter local investor sentiment. 

The Dubai Financial Market (DFM) General Index lost 0.3 per cent to 1,351.09, its lowest close since June 2004, whilst the Abu Dhabi Securities Exchange slipped 0.43 per cent to 2,439.69. 

The DFM has lost 19 per cent this calendar year and volumes have dwindled to milestone lows amid political unrest across the Middle East and sovereign debt problems in the United States and the Eurozone.