Emaar’s stocks plummet further

Emaar Properties, the largest Arab property developer, fell 9.75% on the Dubai Financial Market yesterday, to end the day at Dh2.87. In the past seven trading days alone, Emaar shares have plummeted by 57.73% and it has seen its summer price drop by around Dhs8 a share. The DFM itself closed down 6%, at 1,981.44. The real estate index has dropped from 11,206.7 to 2,931.51, a loss of 8,275.19 points. Close to Dhs80bn has been wiped out from the listed companies in the sector.