Property major Emaar fell 2 per cent to Dh11.80 on Monday, as Dubai Financial Market index yesterday closed at 369.07, a 23-month low since mid-December 2004.
The Dubai index also fell, by 1.5 per cent, as the Abu Dhabi index slipped 1.59 per cent to 3093, according to Khaleej Times.
Analysts attributed the fresh round of bear spell to poor liquidity in the market and the recent fall in crude oil prices.
“The Dh1.6 billion IPO of DFM has drained substantial amount of liquidity from the market. The public portion of the IPO is expected to be oversubscribed more than 200 times,” said one analyst.
In the first week of November DFM index fell more than 12 per cent, wiping out Dh40 billion in value of UAE stocks.
