Dubai Financial Market sheds 6.5 per cent amid $45 oil and global sell off

Arabian Gulf bourses opened sharply down on Sunday morning, in the wake of Friday’s global sell off of equities and commodities.

The Dubai Financial Market General Index was down 6.5 per cent in morning trading – its lowest level since early April. Blue chip equities Emaar Properties, Dubai Investments and Drake and Scull International were all down about 6 per cent.

Abu Dhabi’s headline index opened around 1.5 per cent lower. Al Waha Capital was down more than 8 per cent, while banking heavyweights ADCB and FGB were down about 4.5 per cent and 1.5 per cent respectively.

Oil prices sank to their lowest level in more than six years on Friday, ending the day at $45.46 a barrel.

The Dow Jones Industrial average suffered its biggest loss in four years on Friday, closing down 3.1 per cent on growing fears over China’s slowing economic growth.

Elsewhere in the region, the Qatar Exchange opened down 2.5 per cent, while Saudi Arabia’s stock exchange opened 5.5 per cent lower.

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