October 12, 2008 - 5:53PM
Stock markets in the energy-rich Gulf states opened the week's trading on Sunday sharply down with the Dubai Financial Market (DFM) shedding six per cent.
The Kuwait Stock Exchange, the second largest Arab bourse, was down three per cent, while the Abu Dhabi Securities Exchange, the other market in the United Arab Emirates, shed 4.5 per cent. The tiny Muscat bourse lost three per cent.
At one stage, the DFM Index dropped below the psychological barrier of 3,000 points but went on to trade slightly higher at 3,009.18.
The slide in the DMF came after authorities changed the movement of stocks from a maximum of 15 per cent down to 10 per cent in a bid to limit losses in a single day.
Market leader giant real estate developer Emaar almost slid by the maximum cap after shedding 9.3 per cent just minutes after start of trading. The real estate index was down by 9.2 percent.
In Abu Dhabi, the main real estate sector was down by 7.8 per cent.
The slide in the Gulf stock markets followed the trend in Saudi Arabia which opened trading Saturday down six percent to a four-year low.
http://news.smh.com.au/business/gulf-stock-markets-slump-at-open-20081012-4z1o.html
Stock markets in the energy-rich Gulf states opened the week's trading on Sunday sharply down with the Dubai Financial Market (DFM) shedding six per cent.
The Kuwait Stock Exchange, the second largest Arab bourse, was down three per cent, while the Abu Dhabi Securities Exchange, the other market in the United Arab Emirates, shed 4.5 per cent. The tiny Muscat bourse lost three per cent.
At one stage, the DFM Index dropped below the psychological barrier of 3,000 points but went on to trade slightly higher at 3,009.18.
The slide in the DMF came after authorities changed the movement of stocks from a maximum of 15 per cent down to 10 per cent in a bid to limit losses in a single day.
Market leader giant real estate developer Emaar almost slid by the maximum cap after shedding 9.3 per cent just minutes after start of trading. The real estate index was down by 9.2 percent.
In Abu Dhabi, the main real estate sector was down by 7.8 per cent.
The slide in the Gulf stock markets followed the trend in Saudi Arabia which opened trading Saturday down six percent to a four-year low.
http://news.smh.com.au/business/gulf-stock-markets-slump-at-open-20081012-4z1o.html
