Dubai shares suffered their largest one-day loss in seven weeks as a global equity sell-off and negative property news sent the trademark index almost 6 per cent per cent lower, ending a gradual recovery in prices since late June.
The Dubai Financial Market General Index ended down 5.8 per cent, while the Abu Dhabi Securities Exchange General Index lost 2.4 per cent and the rest of the Gulf’s stock indexes finished the day lower.
“The market is getting its cues from the US and global markets,” said Hashem Montasser, the head of regional asset management at EFG-Hermes. “This region is very much sentiment-driven and that sentiment is set abroad. It is a reaction to what is happening in the US [and] Asia, and the oil weakness.”
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