Dubai stock market suffers biggest one-day fall since December 2014

Dubai’s stock market suffered its biggest one-day fall since last December on Sunday as bourses across the Gulf tumbled, hit by further weakness in oil prices and the decision by Fitch Ratings to cut its outlook for Saudi Arabia’s debt.

The main Dubai index sank 7 per cent to 3,451 points, its lowest close since March 30. Top real estate developer Emaar Properties plunged 8.3 per cent while builder Arabtec dropped its 10 per cent daily limit.

Abu Dhabi’s index fell 5 per cent and Qatar was down 5.3 per cent in late trade.