Dubai Financial Market falls significantly again as global rout persists

Dubai’s stock market opened down 5.6 per cent on Monday morning, after an accelerated sell off of Chinese equities prompted steep falls on Asian bourses.

Index heavyweight Emaar Properties opened 6 per cent down, while Amlak Finance, Dubai Parks and Resorts and Deyaar Development all opened down close to their 10 per cent limit for the day.

Abu Dhabi shares fared little better, falling 4.89 per cent.

The falls come a day after Dubai’s index fell by 6.97 per cent in its worst day of sell offs in two years.

China’s Shanghai Composite fell by as much as 8.2 per cent in Monday trading, despite a move by authorities to allow pension funds managed by local governments to buy shares in an attempt to halt declines. The sell off had severely weakened bourses across Asia, with Japan and Hong Kong’s headline indices losing 4.32 per cent and 4.56 per cent respectively.

Brent crude was on the slide again this morning to six-and-a-half year lows, as it declined $1.22 to $44.24 a barrel on the London-based ICE Futures Europe exchange and was at $44.36 at 3pm Sydney time.

The fall in oil price came as Iran’s oil minister, Bijan Namdar Zanganeh, said on his ministry’s news website that it will expand output “at any cost” to defend market share.

More to follow.

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John Everington

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