Cold start at Dubai market, despite ECB interest rate slash
Despite several Western stock indices climbing to all-time highs last Friday (June 6), the Dubai Financial Market General Index (DFMGI) – after a positive start – dived 2.51 per cent to close at 4,972.78 points on Sunday, June 8, in its biggest day-drop in weeks. Arabtec, as the most liquid share, continued its roller coaster trading pattern, ending down by 6.70 per cent to AED6. Last week, the European Central Bank (ECB) slashed interest rates below zero, a first since in the common currency’s short history, in order to boost the Eurozone economy. Logistics giant Aramex was one of two gaining shares, ending up by 2.44 per cent to AED3.36. Twenty-seven stocks declined in value. Emaar lost 1.97 per cent to finish at AED9.95.