Dubai: The UAE’s equity indices dove on Monday, with Abu Dhabi’s main index plunging nearly 2.7 per cent amid a weak trade values and after Abraaj filed for provisional liquidation.
The Abu Dhabi Securities Exchange (ADX) general index ended the day 2.68 per cent lower at 4,588.27, with most stocks ending in the red, as the Dubai Financial Market (DFM) fell 1.83 per cent to 2,982.58.
In Dubai, Air Arabia saw the most losses, with its share prices dropping over 7 per cent to end at Dh1.05 amid concerns that the airline has some exposure to Abraaj, which filed on Thursday for liquidation in the Cayman Islands.
It was a sea of red on the Dubai stock exchange, with other stocks, including heavyweights such as Dubai Islamic Bank and Emaar dropping.
Other stock exchanges in the Gulf including Saudi Arabia’s Tadawul are currently still closed for the Eid Al Fitr holidays.
