Crimea crisis kills Dubai market rally

March 3, 2014 5:54 pm

The Dubai Financial General Index (DFMGI) closed 1.88 per cent lower, falling to 4,105.90 points on Monday, March 3. Signs of an escalation in the Crimea crisis weighed on the investors’ sentiment. Amid a possible military intervention by Moscow to protect Russian citizens living on the peninsula, oil prices (DME Oman crude) surged by more than two per cent to $107.26 per barrel. At the DFM, the shares of real estate giant Emaar fell by 1.45 per cent to AED8.85. Arabtec Construction plummeted by 3.10 per cent to AED4.69. Only six shares advanced, while 27 declined in value. National General Insurance surged by 12.12 per cent to AED5.55. Mashreq Bank, the only UAE lender that’s 100 per cent privately owned, soared by 11.82 per cent to AED123. Approximately 638 million shares were traded, valued at AED1.251 million.

Gérard Al-Fil