| Kippreport.com

Dubai shares fall to two-month low

November 22, 2009 4:58 by kippreport

Dubai shares fell to their lowest level in two months, with the Dubai Financial Market General Index falling to 2,073.66 on Sunday, reports Bloomberg. The collapse was led by Emaar Properties and Dubai Islamic Bank- Emaar’s shares fell 4.4 percent to its lowest in more than two weeks.

The drop came after Dubai’s ruler Sheikh Mohammed Bin Rashid al-Maktoum reshuffled the board of Dubai’s main holding company, the Investment Corporation of Dubai (ICD), and removed Emaar’s

chairman Mohammed Ali Alabbar from it.

“The bad news out of Dubai and low volumes before the Eid holiday are definitely weighing heavily on the market,” Vyas Jayabhanu, head of Al Dhafra Financial Brokerage in Abu Dhabi told Bloomberg. “Dubai’s index can easily drop 10 percent in the coming few weeks,” he added.

Tags: Dubai, emaar, fall, ICD, reshuffle board, shares