Gulf markets fell after the S&P 500 index in the United States shed 1.2 per cent overnight in reaction to the ongoing euro-zone debt crisis.
Emaar Properties, the developer behind the Burj Khalifa, the world's tallest skyscraper, fell 1 per cent to Dh2.85 on the Dubai Financial Market (DFM) General Index. The district cooling company Tabreed fell 1.5 per cent to Dh1.27. Tamweel, a Sharia-compliant mortgage company, dropped 0.8 per cent to Dh1.21.
The DFM General Index lost 0.9 per cent to close at 1,468.82.
“The sell-off globally [on Monday] is being reflected today,” Haissam Arabi, the chief executive at asset manager Gulfmena Investments in Dubai, said yesterday.
Aldar Properties, Abu Dhabi's biggest developer, fell 3.5 per cent to Dh1.10 on the Abu Dhabi Securities Exchange (ADX) General Index. Sorouh Real Estate, the developer behind Reem Island's Sun & Sky Towers, dropped 3.7 per cent to Dh1.02.
The Abu Dhabi Securities Exchange General Index lost 0.6 per cent to 2,447.57.
European markets see-sawed on Monday, starting with a strong open as Spain made an official request for a €100 billion bailout. But the gains diminished by the end of the day. The S&P 500 index in the US lost 1.2 per cent to close at 1,308.93.
Elsewhere in the region yesterday: Kuwait’s index lost 0.9 per cent to close at 6,016.70; Bahrain’s index slipped 0.04 per cent to 1,134.60; Oman’s lost 0.5 per cent to close at 5,714.11; and Qatar’s QE Index fell 0.4 per cent to 8,280.58. The Saudi Tadawul All-Share Index fell 0.9 per cent to 6,727.83.
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