UAE stocks fell, erasing gains made over the year, as oil extended its drop to fresh six year lows.
The drop in Dubai and Abu Dhabi stocks also comes as investors sell risky assets in emerging markets ahead of an expected interest rate increase by the US Federal Reserve. Concerns that the global economy may slow amid a brewing financial crisis in China also weighed on investor sentiment.
The benchmark Dubai Financial General Market Index was 3.6 per cent lower at 11.40am, dragged lower by Emaar Properties, the biggest publicly traded real estate developer in the UAE. Year to date, the index is heading 2 per cent lower after today’s drop. Details