The DFM General Index started bullish into the day and eventually turned into the red, closing 0.15 per cent lower at 3,799.45 points on Wednesday, January 29. “February could be a volatile month for markets,” says Arjuna Mahendran, the chief investment officer of private banking at Emirates NBD (which was up 2.11 per cent at AED7.25). “The dominant pattern in the risk aversion in emerging market FX rates was the sell-off in commodity exporting countries that depend on Chinese demand. The South African Rand, the Brazilian Real and the Chilean Peso along with the Russian Ruble and the Indian Rupee saw significant losses.” Dubai Islamic Bank posted the second biggest loss, closing at AED6.04. Earlier, Dubai Islamic Bank (DIB), the biggest bank based on Islamic law in the UAE, said that it earned 42 per cent more year on year last year, as its net profit amounted to AED1.72 billion ($469 million dollars). DIB chairman, Ibrahim Al-Shaibani, says it was “on the back of improved market conditions”. Earlier in the week, the Dubai chamber of commerce and industry said that it expects Dubai to post GDP growth of five per cent in 2014.
Wednesday, January 29- 2014 @ 14:34 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.