|10-12-2014, 06:35 PM||#1|
Heavy selling rips through UAE stock markets, Dubai sheds 7%
United Arab Emirates equity market took a heavy beating on Sunday, tracking global shares lower as investors feared over the global growth outlook.
The Dubai Financial market (DFM) slumped 6.5%, in the wake of rapid selling that ripped through global markets on Friday after the International Monetary Fund (IMF) trimmed 2015 global growth forecasts amid weak data from Europe and China.
Minutes of the U.S. Federal Reserve also weighed on sentiment.
The biggest three listings on the DFM fell more than 7%.Arabtec Holdings fell 10%, Emaar Properties fell 7.4%, and Dubai Investments declined 9.86%.
A statement from Dubai’s Emaar Properties in the weekend that it had increased its dividend to shareholders by AED1 billion failed to lift sentiment.
Abu Dhabi’s index fell 3%.
Although underlying fundamentals are strong and UAE economic growth prospects are promising, worries over global growth and geopolitical tensions in the Middle East might be enough for foreign investors to continue pulling out.
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