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Dubai market bounces back

: Monday, May 12 - 2014 @ 18:32

After a sell-off that dragged the Dubai Financial Market General Index (DFMGI) down by more than three per cent on Sunday, the gauge rebounded by 1.40 per cent to close at 5,214.25 points on Monday, May 12.

Emaar climbed by 0.50 per cent to hit AED10. Drake and Scull International (DSI) declined by 2.30 per cent to reach AED1.71.  Arabtec and Union Properties, which lost the most yesterday, were among the top gainers today, advancing by 7.83 per cent and 4.03 per cent respectively.

Earlier in the day, Arjuna Mahendran, chief investment officer of private banking at Emirates NBD (down by 0.71 per cent to AED9.80) said that he was still optimistic about GCC stocks and does not expect a major market crash within the next three years.

Gérard Al-Fil

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Monday, May 12- 2014 @ 18:32 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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