Dubai stocks fall by over 8 percent

Gulf stock markets continued to drop on Wednesday amid fears the region will be hit by the global economic turmoil. Dubai's main index closed the day 8.43 percent  lower. At some point of the trading session the index lost over 10 percent.

Emaar Properties fell 7.41 percent, dragging the benchmark to 3,085 points. The stock of the giant real estate developer fell during the day by over 13 percent but later recovered to close at Dh5.5 (nearly US$1.5) per share.

The Dubai market fell 6.86 per cent on Sunday, 7.6 per cent on Monday and 5.14 per cent on Tuesday to close at 3,369.15 points, its lowest level in more than two years.