Dubai Financial Market drops sharply in response to Brexit turmoil

Arabian Gulf equities are poised for their worst day since January on Sunday, as stocks plummeted in the wake of the UK’s shock decision to leave the European Union. UAE investors rushed to sell on Sunday morning following a rout of global equities on Friday, as markets struggled to come to terms with the implications […]

Arabian Gulf equities are poised for their worst day since January on Sunday, as stocks plummeted in the wake of the UK’s shock decision to leave the European Union.

UAE investors rushed to sell on Sunday morning following a rout of global equities on Friday, as markets struggled to come to terms with the implications of the Brexit vote.

Dubai equities were 4.7 per cent lower at the open, with Emaar Properties immediately shedding 4.38 per cent, while Abu Dhabi stocks were off by as much as 3.57 per cent, with not a single gainer across the two bourses.

The Qatar Exchange opened 2.77 per cent lower, and the Saudi Tadawul was down 4.3 per cent on opening.

The Brexit decision saw the UK’s FTSE 100 index close 3.15 per cent down on Friday, with the S&P 500 ending off 3.6 per cent lower. Sterling ended Friday 6 per cent down against the euro and 8 per cent down against the dollar.

jeverington@thenational.ae

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Source: Business

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