Dubai bourse rally halted
The Dubai Financial Market General Index (DFMGI) lost 1.25 per cent to close at 5,070.93 points, with the market breadth ending in bearish territory. Only three shares advanced, while 24 listed stocks declined. Trading turnover remained high, as 992 million shares were traded, valued at AED3.373 billion.
Emaar slipped by 1.40 per cent to hit AED10.80. On Wednesday, April 23, the company’s annual general assembly gave the green light to distribute more than AED8 billion ($2.18bn) of bonus shares and dividends. Arabtec extended its rally and closed 0.34 per cent higher at AED8.74. DFM, the only listed Arab market, ended up by 0.53 per cent at AED3.82. On Wednesday, DFM revealed that it generated a net income of 251.1 million ($68.47m) in the first quarter of 2014, up 696 per cent year on year.