Dubai market loses 12 per cent in one week
After opening with small gains, the Dubai Financial Market General Index (DFMGI) fell for the fifth session straight on Tuesday, May 20, closing 4.11 per cent lower at 4,655.71 points.
Emaar lost by 3.65 per cent to reach AED9.25. The UAE’s first developer and market bellwether lost AED1 since the start of the week. Arabtec Holding dived by 8.64 per cent to AED6.24. Kuwait’s HITSTELEC gained the most, ending up by 5.05 per cent at AED0.645. At the NASDAQ Dubai, Bahrain’s oldest Islamic bank, Al Baraka Banking Group, surged by 5.88 per cent to finish a volatile day at $0.90. Approximately 677 million shares were traded, valued at AED2.577 billion.