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UAE stocks slid on Monday for the second straight day this week as shares of Union Properties, Emirates NBD, Deyaar, Emaar and Aldar, among others, tumbled amid a sell-off in emerging markets which have led to shares in the US and European markets also retreating, raising questions about the strength of economic recovery in various markets.
Among the high turnover stocks, Deyaar declined 2.27 per cent, Emirates NBD fell 2.10 per cent, Aldar Properties was down 3.03 per cent, Emaar closed 0.64 per cent lower and Union Properties lost 1.97 per cent.
The Dubai benchmark stock measure DFM General Index fell 45.79 points or 1.23 per cent to 3687.91. The Abu Dhabi General Index lost 0.92 per cent to close at 4527.80.
However, an analyst feels there is no reason for panic as the local markets have been among the best performers in the world this year. Retail investors, as is natural during such global routs, have betrayed nerves that has led to a sell-off in the local markets.