Dubai stocks drop over 6% on Egypt concerns

DUBAI: The Dubai Financial Market index dropped Sunday more than six percent at opening after the weekend, apparently reflecting mounting concern over developments in Egypt.

The DFM index was 6.7 percent down just 10 minutes after opening at 0600 GMT, standing at 1,505.62 points, according to the market's website.

The leading traded company, Emaar Properties, saw its share price plummeting by nearly 10 percent, the maximum allowed by the market regulations.

Emaar, which built the world's tallest tower, Burj Khalifa, in Dubai, has various projects in Egypt.

Air Arabia also saw its share plunge by nearly 10 percent. The Middle East's largest low-cost carrier has a hub in Egypt for its local joint venture Air Arabia Egypt.

A mass revolt broke out across Egypt on Tuesday against the decades-long autocratic rule of President Hosni Mubarak, with more than 100 killed in riots and demonstrations over the past five days and much of the country in turmoil.