Dubai's stock market has closed nearly seven per cent lower in its first day of trading for the week after a further slide in oil prices.
Dubai's main index, which trades Sunday to Thursday, closed 6.96 per cent lower on its opening day.
Dubai Investments and investment developer Union Properties lost 10 per cent. Real estate developer Damac and construction company Arabtec both closed 9.6 per cent lower, while another major developer, Emaar Properties, tumbled 8.3 per cent.
Oil futures are continuing to fall because of ample supplies of crude and a slowing global economy. Brent crude, a benchmark for international oil, fell more than a dollar to close Friday at $45.46 while the price of U.S. crude closed at $40.45.
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