Local bourses fall, tracking global pullback

Dubai's index suffered its largest one-day loss for seven weeks as 21 stocks fell by more than 4 per cent, sparked by worries over the debt burden at Union Properties and a worldwide pullback in equities.

Union Properties plunged 9.6 per cent, taking its losses to 18.3 per cent since it posted a second-quarter loss on Thursday.

Fellow developers Emaar Properties and Deyaar dropped 8.8 and 6.7 per cent respectively. Construction firm Arabtec slid 8.5 per cent.

The index fell 5.8 per cent to 1,774 points, its biggest decline since June 28 and third decline in four sessions since posting an eight-week high on Tuesday. Volumes nearly doubled from the previous day, indicating rising selling pressure.

Abu Dhabi's index ended lower for a second day, marking its largest one-day fall for eight weeks as property stocks tumbled.

Aldar Properties and Sorouh Real Estate fell 8.7 and 9.7 per cent respectively.

The index dropped 2.4 per cent to 2,783 points, its biggest reverse since June 23. Sixteen stocks fell by more than 3 per cent.

All seven Gulf Arab indices were down, tracking losses on global markets as doubts about the strength of a global economic recovery triggered a risk asset sell-off.

 

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