Dubai bourse finishes May on a bullish note
Investors needed nerves during this volatile last week of May, as the Dubai Financial Market General Index (DFMGI) – after plummeting 3.26 per cent yesterday – surged 4.10 per cent to hit to hit 5,043.80 points on Thursday, May 29. Positive input from Asian markets which surged on general optimism on lower interest rates in Europe fuelled the DFM. Emaar as the most liquid share added 7.18 per cent to reach AED10.45.
The DFM itself, the only Arab exchange whose shares are floated on the market, soared 14.59 per cent to close at AED4.25. Investment bank SHUAA Capital jumped 9.56 per cent to hit AED1.49. National General Insurance lost the most, ending off 10 per cent (limit down) at AED3.60. Sevnteen shares advanced and 10 declined. Trading turnover picked up as 779 million stocks were traded valued at AED3.73 billion. Since Jan. 1 2014, the DFMGI has gained 51 per cent in value.