Emaar, Shuaa lead falls as Dubai drops almost 6%

SHARE DIVE: Dubai index down as investors close positions. (Getty Images)

Emaar Properties and Shuaa Capital slumped in Dubai dragging the main index down almost 6 percent, while Abu Dhabi's benchmark closed 3.22 percent down.

Emaar and Shuaa fell 8.83 percent and 9.22 percent respectively, pushing the index down 5.85 percent to 1,839 points.

In Abu Dhabi, Emirates Telecommunications Corp (Etisalat) and Aldar Properties paced declines, falling 2.44 percent and 8.58 percent.

The index ended 3.22 percent down at 2,656 points.

Qatar's main index fell for the sixth time in seven sessions, while Kuwait's benchmark inched higher. Bahrain ended down.

Industries Qatar led declines in Doha, falling 3.38 percent and Qatar Islamic Bank closed 3.25 percent lower.

The index ended 1.81 percent down at 6,438 points.

Kuwait's index rose 0.16 percent to 8,067 points led by Kuwait Finance House, which gained 3.33 percent.

Bahrain's benchmark fell 0.24 percent to 1,620 points.

Oman's main index closed down for the first time in three sessions as market heavyweights Bank Muscat and Oman Telecommunications Co (Omantel) slipped.

Bank Muscat ended 2.8 percent lower and Omantel slipped 0.78 percent pushing the benchmark 1.17 percent down.

The index, which hit a year-high during the session, closed at 5,746 points.

Saudi Arabia's index ended lower for a fifth straight session as slumping global stocks and falling oil prices convinced local investors to book further profits ahead of the summer holidays.

The index fell 2.3 percent to an eight-week low of 5,579 points, with Saudi Basic Industries Corp (SABIC) dropping 2.2 percent and Al-Rajhi Bank losing 3.5 percent.

The index has fallen 8.5 percent since June 14.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM