Dubai contractor down 10% by midday; Emaar bucks the trend by rising 1.07 percent
The Dubai Financial Market continued its downward spiral on Tuesday morning, falling by 2.1 percent by midday, as shares in Arabtec once again plummeted to their daily limit.
The index reached 3,849 points midway through the trading session, although it fell by as much as 4.4 percent at times.
Arabtec stock dropped by 10 percent within the first two minutes of trading. By midday, Arabtec shares were down by 9.96 percent at AED2.35.
Other stocks to suffer included developers Union Properties (down by 9.94 percent) and Deyaar (down by 7.85 percent), as well as contractor Drake & Scull International (down by 8.89 percent). Shares in the Dubai Financial Market itself fell by 8.05 percent.
Emaar stock, however, rallied against the trend, rising by 1.07 percent.
"There has been escalating selling pressure due to the fact that sentiment has been hurt dramatically by the losses we have seen across the board," Marwan Shurrab, fund manager and head of trading at Vision Investments, told Reuters.
The Abu Dhabi Securities Exchange fell by 1.44 percent in the same period.