Gulf stocks slide at opening

(REUTERS)

Published Thursday, October 16, 2008

By AFP

Gulf stock markets fell at the opening on Thursday for a second day, led by a more than six per cent plunge on the Dubai Financial Market, as recession fears continue to haunt the global economy.

The other United Arab Emirates stock market, Abu Dhabi Securities Exchange dropped 3.8 per cent.

Both markets were affected by a sharp drop in the key real estate sectors.

Dubai's market leader, real estate developer Emaar, shed 8.5 per cent, while the sector as a whole dropped 8.8 per cent. In Abu Dhabi, the real estate market was nine percent lower.

The small Muscat Securities Market shed 5.8 per cent.

The Kuwait Stock Exchange, the second-largest Arab bourse, dropped by about 0.9 per cent.

The Saudi market is closed for the weekend.

Fears of a global recession sent Asian stocks plunging Thursday, with Tokyo down almost 10 per cent after Wall Street suffered its worst percentage drop in two decades.

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The page was last updated on: 14 January 2016 14:11