Start of Ramadan no blessing for Dubai market
The Dubai financial market general index dived 4.38 per cent to close at a five-month low at 3,942.82 points on Monday, June 30. Temporarily, the gauge was down by more than 5 per cent.
Arabtec Holding lost another 10 per cent to close at AED2.61. Emaar dived 3.67 per cent to AED8.41. Deyaar Development plummeted 8.68 per cent to AED0.905. Earlier in the day, the Islamic real estate firm revealed in a filing to the market that it confirms the sale of a 5.98 acre land in Houston, Texas, for $34 million (AED134m). Deyaar netted a profit of AED16m. The transaction will be reflected in the firm’s results for the second quarter of 2014.
Budget flyer Air Arabia bucked the trend and closed 1.64 per cent higher at AED1.24.
Approximately 504 million shares were traded, valued at AED986 million.