Dubai bourse hits two-month low on Iraq escalation fears
The Dubai Financial Market General Index (DFMGI) plummeted 4.71 per cent to close at 4,609.28 points on Sunday, June 15, in its biggest day-drop in months. Fears that the current situation could escalate in Iraq, where radical ISIS forces advance towards the capital Baghdad, dictated the tape. The rising risk premium was also reflected in gold and oil regaining ground on last Friday.
Arabtec dived by 10 per cent (limit down) to AED4.50. Emaar lost 4.60 per cent to hit AED9.35. National General Insurance gained 8.11 per cent to close at AED4.00. Five shares advanced, while 25 declined in value. Approximately 546 million shares were traded, valued at AED1.5 billion.