Dubai stock market takes a plunge

Dubai-Stock-MarketShares in Dubai Stock Market plunged for the first time in three days during the first session on Monday. Stocks of real estate developer Emaar Properties reported a decline of 3.2 percent which is a largest fall in shares in recent two weeks. Dubai's index closed at 1,723 points by reporting a fall of 1.4 percent. Index of Abu Dhabi, on the other hand, declined 0.1 per cent to close at 2,866 points.

Keith Edwards, Head of asset management at Doha-based investment firm the First Investor expressed that investors booked profit in select stocks. He added, "Markets have really rallied on hopes of a resolution to Dubai World's debt."

The Tadawul All-Share Index (TASI) took a hit to close down to 6,578 points after reporting a decline of 0.4 per cent. The Financial Transaction House (FTH) said that TASI though lost its momentum but still its index is close above the five-day moving average.

At the same time, the index of Qatar got momentum reporting an increase of 0.8 per cent due to rise in banking stocks. Kuwait's index too did little to rose 0.1 percent due to good performance by Zain.