Gulf shares tumble on recession fears
Monday, 10 November 2008
KUWAIT CITY, Nov 9 (AFP): Stock markets in the oil-rich Gulf region opened the week today (Sunday) sharply lower, driven by investor fears over the impact of the global economic recession on the region.
In the United Arab Emirates, the Dubai Financial Market dived 5.40 per cent to below 2,650 points, its lowest level in almost four years.
The DMF Index was dragged down by tumbling blue chip stocks, mainly the market leader, real estate developer Emaar, which shed 8.70 per cent to 4.49 dirhams (US$1.22), well below its book value.
Fellow UAE market, the Abu Dhabi Securities Exchange, fell 3.40 per cent with the key real estate sector dropping 7.50 per cent and banks losing 3.70 per cent.
The Kuwait Stock Exchange, the second largest in the Arab world, was trading down 2.70 per cent to below the 9,500-point mark, its level at the start of last year.
The KSE was still struggling because of problems with Gulf Bank.
In the United Arab Emirates, the Dubai Financial Market dived 5.40 per cent to below 2,650 points, its lowest level in almost four years.
The DMF Index was dragged down by tumbling blue chip stocks, mainly the market leader, real estate developer Emaar, which shed 8.70 per cent to 4.49 dirhams (US$1.22), well below its book value.
Fellow UAE market, the Abu Dhabi Securities Exchange, fell 3.40 per cent with the key real estate sector dropping 7.50 per cent and banks losing 3.70 per cent.
The Kuwait Stock Exchange, the second largest in the Arab world, was trading down 2.70 per cent to below the 9,500-point mark, its level at the start of last year.
The KSE was still struggling because of problems with Gulf Bank.