Dubai index leads world rout

DFM index extended losses, ended down more than 5 per cent

31/12/2014 06:15 AST

The Dubai index fell the most in the world on Tuesday as crude oil, which hit its lowest level in five years, weighed on investor sentiment.

The Dubai Financial Market General Index ended 5.40 per cent lower at 3,725.79, falling from the previous session high of 4,008.38. Saudi’s Tadawul All Share Index ended more than 4 per cent lower at 8,486.58, making it the second biggest loser.

Dubai has been the biggest loser despite its lower dependence on crude oil for revenues. Analysts said Dubai has been leading losses due to its huge dependence on foreign flows and heavy leveraged trades.

The Abu Dhabi Securities Exchange General Index ended 2.18 per cent at 4,444.03.

In the Gulf region, the Qatar Exchange Index ended down 1.94 per cent at 12,327.62. The Muscat Securities MSM 30 index ended 2.73 per cent lower at 6,216.36, and Kuwait Stock Exchange Index ended 1.77 per cent lower at 6,510.11.


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DFM 3,091.15 -9.24 (-0.30%)

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