DUBAI (AFP) – Stock markets in the oil-rich Gulf region traded lower on Thursday as they followed global markets which plunged on fears of a deep global recession.
In the United Arab Emirates, the Dubai Financial Market plunged 4.2 percent to below the 2,800-point mark as market leader, property giant Emaar dived 5.7 percent.
Fellow UAE market, Abu Dhabi Securities Exchange, was down 2.5 percent as the key real estate sector shed 4.7 percent and banks lost 2.7 percent.
Kuwait Stock Exchange, the second biggest Arab bourse, dropped 0.8 percent despite a new government plan to help investment firms which have been struggling to pay their debt estimated at 20 billion dollars.
Doha Securities Market was down 2.1 percent while the small Muscat Securities Market dropped 1.6 percent. Bahrain Stock Market lost just 0.16 percent.
The Saudi stock market, the biggest in the Arab world, is closed on Thursday. It ended trading Wednesday up 10 percent on the week but was down 45 percent since the start of the year.