Renewed worries over the global economy have weighed down on local stocks this morning, with all of the Gulf's markets falling in early trading.
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The Dubai Financial Market General Index fell 0.3 per cent to 1,383.43 while the Abu Dhabi Securities Exchange slid 0.1 per cent to 2,453.99.
Asian stocks slumped in the early hours of the morning, after Fitch Ratings gave a lukewarm response to European leaders' "gradualist" approach to resolving the eurozone debt crisis. The ratings agency also cut growth estimates.
The Nikkei 225 fell 1.1 per cent to 8,552.81 and the Hang Seng index lost 1.1 per cent to 18,366.67.
In Dubai, Aramex and Emaar Properties slumped, while Arabtec Holdings rose.
Drake & Scull International fell 0.6 per cent to 84 fils per share, even after it announced it had won a Dh142m contract ammonium nitrate plant in Egypt.
Meanwhile in the capital, First Gulf Bank, National Bank of Abu Dhabi and Aldar Properties fell, while Etisalat extended its recent run of declines.
However, commodities markets told a different story to the gloom on equity markets.
Oil prices rose from a two-week low, with Brent crude futures rising 14 cents to $106.86 per barrel.
Gold extended its week-long slump, falling 1.6 per cent to $1,653.26 per troy ounce. The yellow metal, which is viewed by investors as a safe haven in times of market turbulence, has slid $65 in the last three days.
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