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Exhausted Dubai market dives another four per cent

: Monday, June 09 - 2014 @ 15:20

The Dubai Financial Market General Index (DFMGI) plummeted 4.06 per cent to close at 4,771.10 points on Monday, June 9, in its biggest day-drop in weeks. Since its 2014-high of 5,374 points (reached on May 6), the gauge lost more than 11 per cent. Emaar fell by 3.72 per cent to close at AED9.58. Dubai Islamic Bank  (DIB) slipped 3.04 per cent to AED7.01. Earlier in the day, the biggest Islamic bank in the UAE announced that it has completed its first phase of accumulating shares in Panin Bank Syariah, a listed commercial bank in Indonesia. As per the envisaged plan, announced through a press release on May 19, DIB has completed the acquisition of 24.9 per cent shares in Bank Panin Syariah by acquiring 2,427,750,000 shares. Arab Insurance Group recorded the biggest advance, ending 12.50 per cent higher at AED1.80. Trading turnover declined further, as 465 million shares worth AED1.66 billion changed hands.

Gérard Al-Fil

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Monday, June 9- 2014 @ 15:20 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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