UAE banks tumble after Goldman downgrade

UAE banks tumbled after Goldman Sachs downgraded three banks and cut price targets by 10 percent on average to account for negative impact from tighter consumer finance regulation.

Goldman downgraded Abu Dhabi Commercial Bank to "sell" from "buy," Dubai Islamic Bank to "sell" from "neutral," and Emirates NBD Bank to "neutral" from "buy."

All three banks were down with ENBD slumping 6.4 percent, DIB down 1.4 percent and ADCB falling 2.7 percent.