Dubai's stock market hit a seven-year low yesterday as concerns grew that unrest elsewhere in the region could affect the stronger oil-rich economies of the GCC.
The Dubai Financial Market General Index slipped 3.48 per cent to 1,374.43 and heavyweight stocks fell to fresh lows.
Emaar Properties, the developer of the Burj Khalifa, ended 6 per cent lower at Dh2.50 a share - a 12-month low - in intraday trading.
Arabtec Holding, which was the most actively traded stock with more than 44 million shares changing hands, closed at its lowest since March 2009. Its shares fell 8.9 per cent to Dh1.22.
The Abu Dhabi Securities Exchange General Index was also down, 1.8 per cent to 2,527.40, as institutional investors remained on the sidelines.
"We've only got day traders and they don't know which way to go," said Mohammed Ali Yasin, the chief investment officer at CAPM Investment.
Saudi Arabia's Tadawul, the Arab world's largest stock market, fell 3.8 per cent to 5,323.27 points.
Elsewhere in the region: Qatar's measure slumped to a five-month low, retreating 3.6 per cent to 7,657.47 points; Kuwait's measure closed 2.6 per cent down at 6,157.70 - its lowest since 2004; and Muscat's index retreated 1.5 per cent to 6,303.82 points.
The Egyptian Exchange is slated to reopen on Sunday after being closed for more than a month.
fhalime@thenational.ae
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Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
