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Dubai markets: Emaar and Damac shares fall further

Further declines for real estate stocks as Dubai Financial Market index drops 1.44%

PHOTO: Dubai Financial Market index was down by about 4% at 1.30pm local time. Credit: Shutterstock

Some of the UAE’s biggest real-estate companies saw continued share-price declines on Monday, with the overall Dubai Financial Market (DFM) index down by 1.44%.

The sector had been hit hard on Sunday, when UAE shares fell sharply due to further weakness in oil prices and a decision by Fitch Ratings to cut its outlook for Saudi Arabia’s debt.

READ MORE: Emaar, Damac and Arabtec shares hit hard as Dubai market falls 6%
READ MORE: The Dubai Financial Market
READ MORE: Shares in Dubai’s Arabtec down 5% after Q2 loss

Trading on Monday saw continued declines, with Emaar shares down 0.97% to Dh6.12 by the end of trading, while Damac Properties fell 0.67% to Dh2.98. Shares in builder Arabtec fell in early trade but later recovered, posting a 1.12% rise to Dh1.81 by the end of the day. 

Other global markets were also in negative territory, weighed by the price of Brent crude falling below $45 per barrel for the first time since 2009.

READ MORE: Emaar, Damac and Arabtec shares hit hard as Dubai market falls 6%
READ MORE: The Dubai Financial Market
READ MORE: Shares in Dubai’s Arabtec down 5% after Q2 loss

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