IPO news does not help Dubai market index
The Dubai Financial General Index (DFMGI) opened higher on the first trading day in March, but the gauge eventually lost steam and ended 1.12 per cent lower at 4,175.29 points on Sunday, March 2. Ongoing sabre-rattling between the Ukraine and Russia weighed on the investors’ sentiment. Earlier in the day, it was revealed that Dubai-based retailer and food and beverage firm, Marka, has received a soft nod from the DFM for an initial public offering (IPO) worth AED500 million ($136.35m). It would be the first primary listing in five years. Emaar Properties, the market bellwether, headed down by 1.32 per cent to AED8.98. Emirates NBD bucked the trend, finishing 0.12 per cent higher at AED8.40. Approximately 537 million shares were traded, valued at AED1.12 billion.