Mideast Stocks: Real estate weighs on Dubai, all major Gulf markets down | ZAWYA MENA Edition:
The Dubai stock market fell sharply early on Tuesday, dragged down by property stocks, while all major Middle Eastern bourses dropped in line with a plunge of Wall Street stocks, which slid to its lowest levels in more than a year.
In Dubai, the index dropped 1.0 percent with the emirate's largest listed developer, Emaar Properties, sliding 3.3 percent and Dubai Investments, shedding 2.3 percent.
Dubai's weak real estate market has been a big drag for property shares this year with Emaar Properties down more than a third year-to-date. Dubai inflation data released on Monday showed housing and utility costs falling 4.7 percent year-on-year, their biggest decline in years.
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