Sell, sell, sell on Dubai bourse forces shares down

24/05/2011 00:00 AST

Dubai's market retreated to its lowest point in more than a month as concerns over the global and regional economy prompted investors to sell their shares.

The Dubai Financial Market General Index fell 2 per cent to 1,546.65 points as shares in Emaar Properties, Dubai Islamic Bank and the only publicly listed Gulf market, DFM Company fell to new lows, weighing on the wider benchmark.

Shares in those companies slipped 3.2 per cent to Dh3.04, 2.3 per cent to Dh2.10, and 4 per cent to Dh1.20 respectively.

Industry experts said the decision by the Dubai government to cut spending by up to 25 per cent to help the emirate achieve a budget surplus of Dh3 billion to Dh3.5bn had impacted confidence and liquidity in the market.

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