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UAE stocks fell sharply on Sunday, tracking weak cues from global sell-offs seen on Friday on concerns about the impact of the US Federal Reserve?s move to start trimming the stimulus on emerging markets.
Technicals showing that both Dubai and Abu Dhabi had gained strongly in the past weeks, which meant they were facing resistance, played their part in investors selling off.
Dubai?s benchmark measure, DFM General Index, plunged 2.23 per cent to more than a two-month low to close at 3733.70. In the capital, the ADX General Index slipped 1.83 per cent to 4569.93.
Trading volumes continued to be high, with Dubai and Abu Dhabi markets registering a turnover of Dh2.20 billion and Dh1.19 billion respectively. Majority of shares declined.