Dubai index tumbles over 3% as investors pile up cash | GulfNews.com

Dubai index tumbles over 3% as investors pile up cash | GulfNews.com:



"Dubai’s benchmark index fell more than 3 per cent on Wednesday, extending losses to their lowest level in three weeks as investors piled up cash for Emaar unit’s initial public offering next week. The Abu Dhabi index fell more than a per cent.



The Dubai Financial Market General Index fell 3.36 per cent to end at 4,912.14, after hitting a low of 4,857.52, a level last seen on August 20. The index shed 0.15 per cent in the previous session.



Among the most active stock on the index was the UAE’s biggest listed builder Arabtec, which shed 9.18 per cent. Emaar, whose unit’s initial public offering will start on Monday, shed 2.67 per cent."



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