The massive sell-off of shares at the Dubai Financial Market on Wednesday erased one year’s gains at the bourse, forcing the index down 6.39 per cent to 1533.36 points. The DFM year-to-day balance now shows a drop of 6.29 per cent.
Dubai Islamic Bank lost 9.95 per cent, Arabtec fell by 9.90 per cent while heavyweight Emaar lost 9.86 per cent.
The sales are boosted by a widespread fear among investors that restructuring of Dubai’s companies could be hampered by raising capital costs.
In Abu Dhabi, the ADX index dropped by 2.82 per cent at 2467.04 points.
Links:
[1] http://www.albawaba.com