Dubai's main bourse dropped to its lowest level in more than two months amid worries that Ireland's bailout would not prevent another euro-zone debt crisis.
Plans by the emirate to sell shares of large companies and geopolitical tensions on the Korean peninsula also contributed to yesterday's drop.
The Dubai Financial Market General Index fell 1.3 per cent to 1,659.5. The property sector, a heavyweight on the exchange, was one of the worst hit as shares in Emaar Properties closed at their lowest since September.
The builder of the world's tallest tower closed 1.4 per cent lower at Dh3.60. Arabtec Construction fell 2.2 per cent to Dh1.80, and Deyaar Development fell nearly 1 per cent to 30 fils.
In the capital, National Bank of Abu Dhabi, the country's biggest bank and the highest gainer in early trading, closed up 0.4 per cent at Dh12.4. But Aldar Properties maintained its downward trend since June, falling nearly 2.7 per cent to Dh2.18.
The Abu Dhabi Securities Exchange General Index closed down 0.3 per cent at 2,749.67.
"Overall there's no clear plan ahead for the investor. The feeling is no one is paying attention to the market," said Ameed Kanaan, the general manager at Al Jazeera Financial Services.
The negative sentiment was felt in most of the region. Qatar, Bahrain and Kuwait indexes all fell 0.8 per cent - to 8,111.01, 1,426.98 and 6,868.80, respectively.
Oman's index rose 0.5 per cent to 6,582.29. It has been the best-performing GCC exchange this year, with shares rising 18 per cent, compared with Dubai's 7 per cent decline this year.
The Saudi Tadawul All-Share Index finished 0.2 per cent higher at 6,309.97.
fhalime@thenational.ae
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
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Rating: 4/5
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
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