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Dubai market suffers Emaar blow
- United Arab Emirates: Monday, September 08 - 2008 at 10:57
Dubai witnessed a state of panic yesterday with traders rushing to sell after Emaar broke the Dhs8 barrier, falling to Dhs7.88, and pushing other shares to decline further. Emaar later closed down 8%, at Dhs8.07. Emaar has lost 50% of its value since its highest price in January 2008 and 70% since March 2005. The company has been granted approval twice in the last two years to buy back 10% of its shares, but no such request has been put to authorities so far.
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StaffMonday, September 08 - 2008 at 10:57 UAE local time (GMT+4)
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