|Arab Stocks Slide for Second Day
Arab stock markets fell on Thursday for a second day, led by a more than six percent plunge on the Dubai Financial Market, as recession fears continue to haunt the global economy.
The DMF Index was trading slightly off its lows in midday trade at 3,235.99, down 5.6 percent, while the other United Arab Emirates stock market, Abu Dhabi Securities Exchange saw its index drop 4.7 percent to 3,361.44 points.Both markets were affected by a sharp drop in the key real estate sectors.Dubai’s market leader, real estate developer Emaar, shed 7.5 percent as the sector as a whole dropped 7.9 percent. In Abu Dhabi, the real estate market was 9.5 percent lower.
The small Muscat Securities Market shed 5.8 percent.