Rs 264 billion worth wiped off UAE stock market in sharp plunge

Dubai, Jan 21 (UNI) Markets opened here today on a nervous note as one of the worst crashes in recent times wiped off Dh 26.4 billion (over Rs 264 billion) in market value yesterday.

The crash wiped off all gains of this month as the Dubai Financial Market general index fell 3.17 per cent to 5,868.35 after staying above the 6,000 mark since the start of the year.

All leading shares declined by an average of four per cent, including Emaar Properties which is to come out with a massive IPO in India shortly, which dropped 3.8 per cent to Dh13.95.

Abu Dhabi's benchmark retreated at a similar pace, falling 3.12 per cent to 4,691.76, down from highs exceeding 4,800.

''What occurred is unjustifiable panic selling, as the strong fundamentals for the markets remain intact, given that many results are still yet to come,'' said Khalid Abdul Rahman, General Manager of Abu Dhabi Financial Services, the trading affiliate of the National Bank of Abu Dhabi.

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