Drake & Scull, Arabtec shares hit hard as Dubai market tumbles
Shares in developers Emaar and Damac also down as Dubai Financial Market index hits 11-month low
Construction firms on Sunday dragged the Dubai Financial Market index to an 11-month low, with Arabtec and Drake & Scull seeing some of the biggest declines.
Shares in Drake & Scull – which earlier reported it had moved into loss in the third quarter – fell by 10%, the maximum daily limit under bourse regulations, to AED0.414.
Developer Damac Properties, which on Tuesday reported a dip in its third-quarter revenues, also fell by the maximum of 10%.
Builder Arabtec was down by 9.32% to AED1.07, while Dubai’s flagship developer Emaar Properties saw a 2.8% decline to AED5.90.
Dubai’s benchmark index fell by 3.65% to 3,146.21 by the close of trading, its lowest level in at least 11 months, according to Reuters data.
The selloff was attributed to a drop in oil prices and the expected impact of Friday’s attacks in Paris, in which 129 people were killed, on the international markets, Reuters reported.
