The Abu Dhabi Securities Exchange fell for the 10th time in 11 sessions to take its losses over this period to seven per cent.

Emirates Business yesterday warned the ADX was in freefall and this forecast came true as it dropped 2.55 per cent to 4,652 points, its lowest close since late March.

All sectors declined, with real estate unsurprisingly among the worst hit, while the capital's 10 largest stocks all fell.

"The outlook for Abu Dhabi is not good, but it can rally more easily than Dubai," said Ayman El Saheb, Darahem Financial Brokerage director of operations.

"Unlike Dubai, the rest of the market is not so tied to its real estate sector – there is a more diversified array of stocks and while Sorouh may be plummeting, that didn't stop Methaq, for example, adding nearly three per cent yesterday."

The latest losses means the ADX is up just 2.2 per cent this year. In contrast, the ADX reached a year-best close of 5,145 points on June 5 to put it up more than 13 per cent in 2008 and so has fallen 9.6 per cent since this date.

Losers dwarfed gainers 27:7, while eight of those stocks declining fell by more than five per cent.

Aldar Properties dived 7.4 per cent to Dh10.65, its lowest close since early April, and Sorouh Real Estate fared little better, dropping 6.4 per cent to Dh7.87 and a 28-week low. Rak Properties was also in retreat, slipping 3.95 per cent.

First Gulf Bank was the most notable loser, plunging 8.5 per cent, while its rival lenders escaped relatively unscathed with National Bank of Abu Dhabi falling 1.97 per cent and Abu Dhabi Commercial closing narrowly down.

"We saw a big sell off in FGB, which traditionally has held up very well, while the ADX is more susceptible to profit taking because it has fared much better than Dubai this year," said Julian Bruce, EFG-Hermes director of institutional equity sales.

"The ADX will continue to drift downwards and it will be interesting to see how much it comes off tomorrow. It will probably track the DFM and so I could see it fall a further five per cent by the month-end."

Such a decline would put the ADX on 4,420 points and into negative territory for the year.

Etisalat also declined, slipping 1.55 per cent to Dh19, a 27-week low.

"The ADX was insulated from the turmoil that has gripped Dubai this year because foreign investors were restricted to the capital's real estate sector and much less prominent – overseas funds had less to sell," said Ayman El Saheb, Darahem Financial Brokerage director of operations.

"The ADX is likely to see more losses, but it's a safer bet than Dubai and is less volatile," he said.