Most Gulf stocks tumbled on Tuesday amid a global equities slump on renewed concerns that a global economic recovery may be losing steam. Dubai led the decline. Dubai's benchmark stock index plunged 3.1 percent to end at 1531.15. Bellwether stock Emaar Properties paced the drop, losing 6 percent to AED3.15. The market lost more than 8 percent in May and is slipping deeper into the red for the year after breaking below some key support levels, said a trader at Shuaa Securities. He noted that a break below 1600 on Monday had indicated further near-term weakness. The trader said that an unlisted Dubai Holding unit's big 2009 loss reported early Tuesday was expected and largely priced in. “But negative news never helps,” he noted. Dubai Holding Commercial Operations Group, a part of the business empire owned by the emirate's ruler, Tuesday reported a net loss of AED22.8 billion in 2009, raising concerns over the city-state's continuing debt burden. Other Gulf markets didn't fare much better. Abu Dhabi fell 2 percent to 2552.99. Shares in Saudi Arabia, the Gulf's largest market, were down 2.52 percent at 5,966.02. Saudi Basic Industries Corp., or Sabic, the region's largest listed co., was trading -2.8 percent at SR86.75. Kuwait's market reversed intraday losses to end almost flat at 6704, while Doha recovered to edge up 0.7 percent to 6832.70. Global stock markets were narrowly mixed in volatile, uncertain trade Tuesday. After criss-crossing between postive and negative territories since the market opened the Dow Jones Industrial Average ended down 112.61 points (1.11 percent) to 10,024.02. The tech-rich Nasdaq index fell 34.71 points (1.54 percent) to 2,222.33. London's FTSE index was down over 101 points, or 1.96 percent, at 5086.97. The CAC 40 index of leading French shares was down more than 73 points, or 2.09 percent, at 3,434.18, while DAX dropped over 103 points to 5,861.28. Tokyo lost 0.58 percent, Hong Kong tumbled 1.36 percent and Shanghai shed 0.92 percent.
