Dubai stocks hit 27-month low on real estate woes

Dubai stocks hit a 27-month low yesterday on the back of sharp falls in the real estate market and a drop in liquidity levels, reports AFP from Bubai.

The Dubai Financial Market Index ended the day's trading down 1.83 per cent on 2,947.99 points breaching the 3,000-point psychological barrier.

The Dubai bourse, the most exposed to the global markets in the Gulf region, dropped 3.1 per cent by the close of the Muslim trading week.

The market has shed 12.5 per cent since the start of the year as cash injections dropped sharply, with the main fall coming from the vital real estate sector.

"Dubai market has underperformed its (Gulf Cooperation Council) GCC markets losing over 12 per cent (YTD) dragged by the sell-off in Real Estate sector," MR Raghu, head of research at Kuwait Financial Center (Markaz) said.

Most of the seven Gulf bourses have made good gains in 2018 due to a partial recovery in oil prices, with Saudi stocks rising 12 per cent.

Dubai stocks hit 27-month low on real estate woes

Dubai stocks hit a 27-month low yesterday on the back of sharp falls in the real estate market and a drop in liquidity levels, reports AFP from Bubai. The Dubai Financial Market Index ended the days trading down 1.83 per cent on 2,947.99 points breaching the 3,000-point psychological barrier. The Dubai bourse, the most exposed to the global markets in the Gulf region, dropped 3.1 per cent by the close of the Muslim trading week. The market has shed 12.5 per cent since the start of the year as cash injections dropped sharply, with the main fall coming from the vital real estate sector. Dubai market has underperformed its (Gulf Cooperation Council) GCC markets losing over 12 per cent (YTD) dragged by the sell-off in Real Estate sector, MR Raghu, head of research at Kuwait Financial Center (Markaz) said. Most of the seven Gulf bourses have made good gains in 2018 due to a partial recovery in oil prices, with Saudi stocks rising 12 per cent.