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Fickle bank shares lower Dubai market

: Tuesday, April 15 - 2014 @ 16:06

The Dubai Financial Market General Index (DFMGI) fell by 1.61 per cent to 4,686.29 points amid low trading volumes on Tuesday, April 15. Islamic insurances firm Takaful Emarat gained the most, edging up by 3.42 per cent to hit AED0.907. However, bank shares weighed on the market amid ongoing worries geopolitical tensions in Eastern Europe, between Russia and Ukraine, could escalate. The UAE’s biggest and GCC’s third largest lender in relation to assets, Emirates NBD, plummeted by 5.05 per cent to AED9.4. Investment bank SHUAA Capital dived by 3.61 per cent to AED1.6. Commercial Bank of Dubai lost 3.23 per cent to AED6. Air Arabia slipped by 0.7 per cent to AED10.2. Earlier in the day, Adel Abdullah Ali, CEO of the Sharjah-based low-cost carrier said the emirate of Ras al-Khaima (RAK) was preparing its airport to start operations of Air Arabia flights from there. RAK will be the second hub for Air Arabia flights after Sharjah International Airport and the Northern emirate hopes for a boost in tourism by welcoming the Middle East region’s oldest budget carrier. At the end of 2013, state-owned carrier RAK Airways ceased operations amid financial difficulties.


Gérard Al-Fil

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Tuesday, April 15- 2014 @ 16:06 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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