Gulf stocks fall hard in early trade, blue chips outperform

Gulf stock markets fell sharply in early trade on Sunday in response to the global market turmoil caused by Britain’s decision to leave the European Union.

Dubai’s index was down 4.6 percent after 10 minutes to 3,211 points, near technical support on the May low of 3,197 points.

Speculative stocks favoured by local retail investors were hit hardest, with Arabtec losing 6.4 percent. Blue chips such as Emaar Properties, down 3.5 percent, fared relatively well.

Abu Dhabi’s index sank 3.3 percent with Dana Gas , the most heavily traded stock, plunging 5.4 percent.

source: Reuters