Yellen remarks boost Dubai market
Following comments by Fed chairperson, Janet Yellen, that the US economy had recovered “more rapidly” than what the Fed open market committee anticipated, the Dubai stock market index DFMGI climbed 1.13 per cent to reach 4,963.10 points on Sunday, August 24, amid higher trading volumes than last Thursday. While Yellen’s wording points to interest rates being raised sooner than later, her speech at the central bankers’ gathering in Jackson Hole took uncertainty from the trading floor. The UAE dirham is pegged to the greenback in a fixed rate of 3.667 to one.
Emaar gained 0.50 per cent to hit AED10.50. Its rival Union Properties ended up by 3.70 per cent to close at AED2.25. Commercial Bank of Dubai plummeted 8.60 per cent lower to AED4.43 as a top loser.