Dubai market starts weakly into June

June 1, 2014 11:33 pm

The Dubai Financial Market General Index (DFMGI) lost 0.61 per cent to close at 5,056.32 points on Sunday, June 1. Negative spillover from the markets in Egypt where the EGX30 dived over 5 per cent weighed on the sentiment. Blue chips came under pressure in particular, while mid-cap shares motsly outperformed.

Emaar as the second most liquid share dived 3.83 per cent to reach AED10.05. Earlier in the day, the UAE’s first developer said it launched the launch of the second phase of Downtown Dubai’s newest tower BLVD Crescent. “BLVD Crescent features two towers of 38 and 20 storeys set on a podium, located on the spectacular Mohammed Bin Rashid Boulevard, the glorious thoroughfare that encircles Downtown Dubai.”

Arabtec Holding lost 2.70 per cent to AED6.52. Gulf General Investment Company, better known as GGICO, surged 14.55 per cent to AED1.89.

Commercial Bank of Dubai, the number nine in the UAE’s banking sector, jumped 10 per cent to hit AED6.60. At the NASDAQ Dubai, DP World got hammered and finished 6.78 per cent lower at U$20.20.

Gérard Al-Fil