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UAE bourses plunge in line with global markets

The DFM was down nearly 2% at late morning trade, with DFMGI hovering around 3,311.5 points.

The UAE bourses plunged on Tuesday morning in line with fall in global stock markets over inflation concerns.

The Dubai Financial Market was down nearly two per cent at late morning trade, with DFMGI hovering around 3,311.5 points.

Ithmaar was the top loser, plunging 7.6 per cent followed by nearly five per cent slide in Marka shares. Among other major losers were Ajman Bank, Emaar Malls, KHCB and GFH in the morning trade.

Similarly, Abu Dhabi Securities Exchange also fell 1.3 per cent with GMPC sinking nearly 10 per cent. AXAGCIC, Al Qudra and Agthia also had fallen more than five per cent in the morning.

The global slide in equities markets started with the US stocks last night. On Tuesday morning, all the Asian markets were also in the red with many of them losing more than 3 per cent.

Source: https://www.khaleejtimes.com/business/markets/uae-bourses-plunge-in-line-with-global-markets