United Arab Emirates stock markets tumbled on Tuesday as investors responded to a global equity rout, driving Dubai's biggest one-day loss in more than 22 months and Abu Dhabi's sharpest decline on record.
The Dubai benchmark. DFMGI slid 6.21 percent to 5,210.58 points, its sharpest one-day fall since March 14, 2006. Abu Dhabi's index. ADI dropped 6.83 percent to 4,302.59 points, the biggest single-day slide on record.
Stocks that had rallied on foreign buying suffered the biggest losses. Emaar Properties EMAR.DU, the largest Arab developer by market value, dropped 6.15 percent.
"There is panic selling by foreign investors because of the sharp decline in global markets," said Alaa El Din Moustafa, chief dealer in Dubai at investment bank EFG-Hermes.(Reuters)
The Dubai benchmark. DFMGI slid 6.21 percent to 5,210.58 points, its sharpest one-day fall since March 14, 2006. Abu Dhabi's index. ADI dropped 6.83 percent to 4,302.59 points, the biggest single-day slide on record.
Stocks that had rallied on foreign buying suffered the biggest losses. Emaar Properties EMAR.DU, the largest Arab developer by market value, dropped 6.15 percent.
"There is panic selling by foreign investors because of the sharp decline in global markets," said Alaa El Din Moustafa, chief dealer in Dubai at investment bank EFG-Hermes.(Reuters)
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