The Dubai stock market index DFMGI jumped 7.92 per cent to close at 4,389.94 points on Wednesday, July 2. Emaar was up by 5.06 per cent to reach AED9.35
GGICO, Arabtec, Union Properties, DFM, Drake and Scull International and Deyaar Development gained more than 14 per cent in value.
Earlier in the day, Arabtec revealed that it will organise a press conference in order to clarify rumors that spread due to its share price slump, which started in mid May and lasted until last Sunday. Media briefing was scheduled at 2pm local UAE time in Abu Dhabi, just when the Dubai market closed trading.
Arjuna Mahendran, CIO of Emirates NBD wealth management, said the three-month annualized volatility for the DFMGI is above 50 per cent and is the highest in the past four years. However, “Dubai is still the best-performing market globally on a one-year basis; its price-earnings ratio valuations are in line with the GCC’s and cheaper than most global and emerging markets,” says Mahendran.
Wednesday, July 2- 2014 @ 16:41 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.