Dubai market plummets by more than three percent
After a near non-stop rally since January 1, gravity dragged the Dubai Financial Market General Index (DFMGI) down by 3.10 per cent to 5,138.86 points on Sunday, May 11. The gauge gained more than 150 per cent in the past 12 months. The fact that the global bellwether index Dow Jones in New York hit an all-time high last week could not raise the mood on the DFM floor. Emaar fell by two per cent to AED9.95. Arabtec lost the most, ending 9.19 per cent lower at AED6.13. Dubai Islamic Bank bucked the trend, finishing up by 0.13 per cent at AED7.82. Six shares advanced, while 23 shares declined. Approximately 570 million shares were traded, valued at AED1.812 billion.