Dubai market falls below 2,000

Dubai's market has fallen below 2,000 for the first time since 2004, the year it launched, with at least one stock falling the maximum 10 per cent allowed under the exchanges' rules. The Dubai Financial Market is now trading at 1986.36, a fall of 5.54 per cent, its lowest level for four years. This comes after the Saudi Tadawul lost more than seven per cent of its value on Saturday, and extended its losses Sunday; it has now fallen through the 5,000 level, a drop of two per cent, and is trading at 4,988, its lowest since March 2004. The biggest drivers down of the DFM were property company Emaar and Dubai Islamic Bank, which are now trading at prices last seen in 2004. Emaar was down 7.9 per cent, while DIB shed ten per cent of its value, the maximum amount it can lose a day. The Abu Dhabi Securities Exchange lost 0.42 per cent, and Muscat was down 6.1 per cent. Doha shed 5.12 per cent and Bahrain lost 0.4 per cent of its value. The Kuwait stock exchange was still closed on Sunday, but due to reopen after the court order that shut it expires on Monday. [e-mail]