Dubai's bourse declined on Tuesday, tracking the decline in global markets last night, in the absence of local catalysts.
Emaar Properties declined 1.3 per cent to Dh2.84 on the Dubai Financial Market exchange. Tabreed, the district cooling company, dropped 2.3 per cent to Dh1.26.
The Dubai Financial Market General Index lost 0.8 per cent to 1469.92 points, while the Abu Dhabi Securities Exchange General Index lost 0.6 per cent to 2448.60 points.
"The sell-off globally yesterday is being reflected today," said Haissam Arabi, the chief executive at asset-manager Gulfmena Investments in Dubai.
Arab markets closed on a positive note on Monday.
European markets opened positively but gradually reversed their track half way through the trading session. Meanwhile, markets in the US declined, with the Standard & Poor's 500 Index down 1.2 per cent to 1308.93 points, and the Dow Jones Industrial Average down 1.1 per cent to 12,411.20.
Elsewhere in the region, Kuwait's measure lost 1.4 per cent to 5981.79 points. Bahrain's index was little changed at 1134.63 points. Oman's MSM 30 Index declined 0.5 per cent to 5714.18 points. Qatar's QE Index lost 0.4 per cent to 8278.24 points. The Saudi Tadawul All-Share Index.
SABIC contributes to national development
The Saudi Basic Industries Corporation (SABIC) sponsored the Industrial Innovation Award which was presented to developers of new ideas for industrial projects at a ceremony held in Riyadh on May 18.