UAE real estate major Emaar lost 2.17 per cent as it fell to Dh13.55 on Wednesday as investors sold-off its shares, sparking panic on the Dubai Financial Market (DFM).
As a result, the index on Wednesday dropped to its lowest level since mid-August, losing 2.22 percent and plunging to 408.25 according to Gulf News. In market capitalization terms, the market value of the listed shares lost Dh2.8 billion.
Tabreed, considered a market indicator by many analysts, also dropped considerably, falling 2.32 percent to close at Dh2.95. Shuaa Capital, however, was the only share to end in the black, while all other leading shares declined.
"It seems that the index is heading back towards the 400 points mark. Hopefully it's not yet another freefall," said an analyst at Amanah Capital, Ahmad Abdul Rahman.
"The sell-off only occurred during the last 30 minutes of the session, and the only thing that would seem logical at this point is a rebound, as the price levels are falling to very attractive points once again," Rahman added.
In Abu Dhabi losses were even higher in terms of value, as market capitalization fell Dh4 billion.
