UAE stock markets fell to their lowest levels in more than four years on Tuesday, as negative sentiment from a slump in oil prices and general fears about the region’s economy continued to pull the markets downwards.
The Dubai Financial Market General Index, which is the worst-performing exchange in the Gulf region this year, dropped 3.91% to 1,732 points, its lowest close since Oct 26, 2004. Dubai is down 71% this year, and is among the 10 worst-performing indexes tracked globally by Bloomberg this year.
'We saw a huge sell-off. Negative sentiment across the board is pushing it down,' said Mohammed Galal, the head of foreign institutional sales and sales trading at Al Futtaim HC Securities in Dubai.
The Abu Dhabi benchmark index fell 2.88% to 2,502 points, its worst finish in four years.