Shares on Dubai's benchmark index shed Dh2 billion (US$544.4 million) yesterday as traders took profits from a bull market that has run since the start of the year.
People took their profit and got out," said Fathi ben Grira, the chief executive at the financial services firm MenaCorp in Abu Dhabi.
The Dubai Financial Market General Index fell 4.8 per cent, the biggest one-day drop since January 2010, to close at 1,607.77. For every stock that rose, 13 fell, with most stocks hitting the 10 per cent decline limit at which trading is stopped. Dubai's stock market capitalisation fell to Dh50.3 billion (US$13.69bn), from Dh52.3bn on Tuesday.
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