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Bank shares plummet at Dubai market

: Tuesday, March 11 - 2014 @ 17:53

The Dubai Financial Market General Index (DFMGI) fell by 1.40 per cent to reach 4,091.62 points on Tuesday, March 11. Commercial Bank of Dubai, the ninth biggest local lender in the UAE, declined the most, closing off 9.78 per cent lower at AED6.27. Dubai Islamic Bank dived 4.68 per cent to reach AED5.91. Mashreq Bank lost 4.17 per cent to close at AED115. Shuaa Capital, the UAE’s oldest investment bank, bucked the trend and ended 5.61 per cent higher at AED1.13. Dr George T. Abed, senior counsellor and director of the Mea region at the Institute of International Finance, says the UAE’s economy would grow by more than four per cent in 2014, despite regional woes in Egypt and the Ukraine. Approximately 675 million shares were traded, valued at AED980 million.

Gérard Al-Fil

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Tuesday, March 11- 2014 @ 17:53 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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