Dubai Financial Market sinks with oil falling to $30

Shares in Dubai opened sharply lower on Tuesday, as crude oil fell below the $31 a barrel mark.

Brent crude futures were trading around the $30.50 mark, ahead of the release of US government data that is likely to confirm increasing oil inventories.

The Dubai Financial Market General Index looked poised to record its eight consecutive day of declines, opening down 2 per cent. The emirate’s headline index has lost more than 8 per cent of its value since the start of the year.

Emaar Properties, the index’s heaviest weighted stock, fell nearly five per cent in early trading before paring losses, with Arabtec Holding down 2.7 per cent.

Emirates NBD was one of only two early gainers, inching up 0.14 per cent.

Trading in the capital was muted by comparison, the Abu Dhabi Securities Exchange General Index inching down around half a per cent at the open.

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