Dubai: Jittery investors continued to hammer the Dubai index, which fell more than 3 per cent on Monday to revisit the lowest level since June led by Emaar Properties amid tumbling crude oil prices.
The Dubai Financial Market General Index fell as much as 3.46 per cent to hit a low of 4,025.84, its lowest level since June, before closing 3.34 per cent lower at 4,030.79. The index has shed more than 21 per cent since September.
“The Dubai market has been the best performer and has been pretty resilient so far. So people are booking profits due to some negative news on crude,” Sebastien Henin, head of asset management at The National Investor.
Brent crude slumped to a five-year low as OPEC’s decision last month to maintain output at a time of oversupply prompted a growing number of banks to cut price forecasts.
The Dubai index has gained 25.5 per cent so far in the year, making it the best performer in the region.
On the index, out of a total of 36 shares traded on the exchange, shares of 31 companies declined, while shares of 4 companies stayed steady.
Elsewhere, the Abu Dhabi Securities Market General Index ended 0.86 per cent lower at 4,676.34. Out of a total of 33 companies, shares of 12 companies rose, while 14 of them declined and the other 7 remained steady.
The Tadawul All Share Index ended 1.74 per cent lower, while the Kuwait Stock Exchange Index also ended 1.25 per cent lower. The Muscat Securities MSM 30 index and the Qatar index ended flat.
