On Sunday, the 3rd of February, 2019, the Dubai Bourse, UAE stock exchange & holding company for NASDAQ Dubai and Dubai Financial market, had experienced a sharp decline following an unfathomable pressure from the real estate stocks, while most of the Gulf stocks had also experience steep decline.
At Sunday’s (February 3rd) market closure, the Dubai index was plunged 1.1 percent, led by the drop of United Arab Emirate’s largest real estate developer, Emaar properties, which experienced an unexpected drop of 4.5 percent, while Damac Properties drained over 2.3 percent.
The much-softened Dubai property market had experienced the sharpest decline on global real estate stocks this year, while the share prices had started to test the early 2017 territory and multiple analysts had been quoted saying that the downbeat momentum was long overdue, as the property market remained in an oversold territory and, since the MSCI cancelled the inclusion of Emaar and Damac from the emerging market index, a low-note momentum just had to appear.
Elsewhere in the Gulf, the Saudi Arabia’s main index dropped by 0.4 percent, chiefly butchered by the overwhelming financial sectors, while the Egyptian stock exchange remained upbeat, supported by the telecommunication and industrial sectors, up by 0.8 percent.
Meanwhile the Abu Dhabi index surged 0.6 percent, over optimism of its bank’s proposal to enhance its shares’ foreign ownership to 40 percent from previous 25 percent.