Dubai Stocks Drop to 27-Month Low on Real Estate Woes
Dubai Stocks have witnessed a 27 month low in the backdrop of sharp falls in the real estate market paired with sharp fall in liquidity levels. The Dubai Financial market Index ended after trading down 1.83 percent on 2,947.99 points breaching the 3,000-point psychological barrier on Wednesday.
One of most exposed to the global markets in the Gulf region, The Dubai Bourse too saw a drop of 3.1 percent by the close of the trading week. Meanwhile, the market has shed 12.5 perecnt since the start of this year with the main plunge coming from the real estate sector.
M R Raghu, Head of Research at Kuwait Financial Center (Markaz) said,
Dubai market has underperformed its (Gulf Cooperation Council) GCC markets losing over 12 percent (YTD) dragged by the sell-off in Real Estate sector.
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