Dubai shares plunged to their lowest level in more than three months yesterday as local and international issues took their toll on the city's benchmark bourse.
The Dubai Financial Market (DFM) General Index fell for a third consecutive session, dropping 1.06 per cent to 1,521.15.
Volumes were low amid mounting sovereign debt problems in the Eurozone and a sense of deflation at index compiler MSCI's decision to postpone its decision over the UAE's market status until December.
"The market has been dealt a double whammy and the pressure looks like continuing for the foreseeable future," said Haissam Arabi, Chief Executive and Fund Manager at Gulfmena Investments.
The Abu Dhabi Securities Exchange closed almost flat, gaining 0.06 per cent to 2,718.43.
Global markets were down at the end of last week amid concern that Greek lawmakers will fail to pass austerity measures to ensure the next instalment of the nation's international bailout. US equities also posted their seventh loss in eight weeks.
From / Gulf News