The UAE's markets plummeted after the Emirates failed to secure an upgrade to "emerging market" status from MSCI, with stocks in Dubai falling to within a hair's breadth of their lowest level all year.
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The index provider retained the UAE and Qatar as "frontier markets", saying it would review the decision in June next year - the third year in a row that MSCI has declined to reclassify the two countries since its consultation began in 2008.
The Dubai Financial Market General Index fell 1.8 per cent to 1,360.03, at one point trading within 14 points of the year's lows reached in November before rebounding.
The Abu Dhabi Securities Exchange General Index also sank, falling 0.7 per cent to 2,424.23.
Meanwhile, Qatar's QE Index dipped 0.5 per cent to 8,721.41.
Exchange officials said the UAE's markets were still on the right track, despite the disappointment over MSCI's decision.
"As MSCI has acknowledged, the UAE has made progress in improving its capital markets infrastructure," said Jeff Singer, chief executive of Nasdaq Dubai.
"These achievements will be recognised by industry organisations in different ways and at different times; more important is the UAE's continuing focus on giving investors the framework they are looking for to participate in the markets with confidence."
Emaar Properties was hardest hit in Dubai, with shares falling 3.6 per cent to Dh2.67 each. Blue-chip stocks such as First Gulf Bank, National Bank of Abu Dhabi and Etisalat fell in the capital.
Asian stocks were bruised in the early hours of the morning between falling Japanese business confidence and persistent eurozone worries, with the Nikkei 225 shedding 1.6 per cent to 8,377.37, and the Hang Seng index losing 2.1 per cent to 17,953.83.
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Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”