Dubai stocks tumble to 6-week low
Dubai, May 20, 2014
Dubai's stock index tumbled to a six-week closing low as investors booked profits from a near 18-month bull run.
The benchmark fell 4.1 percent to 4,656 points, its lowest finish since April 7.
It dropped 5.5 percent a day earlier, but early Tuesday gains suggested it might rebound. That buying pressure proved short-lived and it has now fallen 12.6 percent in a week, trimming 2014 gains to 38 percent.
The measure is up 187 percent since the start of 2013 as renewed confidence in Dubai's property sector and a retail and tourism boom brought traders back to the emirate's beleaguered stock market, but analysts had warned that such a surge was unsustainable.
Abu Dhabi also declined, falling 2.5 per cent to 4,750 points, the lowest finish since March 16 and its fourth drop in five sessions. The measure is up 10.7 percent for 2014. - Reuters