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Dubai market takes break after rally, DP World hits one-month high
- United Arab Emirates: Monday, January 07 - 2013 at 14:07
After hitting a 9-month high yesterday, the DFM General Index fell 0.14% Monday, closing at 1,691.82 points. Emaar Properties (off 0.25%) and real estate maintenance specialist Drake and Scull International (down 0.13%) weighed on the gauge in particular. Islamic home financing firm Tamweel hit a 6-month low at Dhs1.12% (off 1.75%). Tamweel suffers from a new rule imposed by the UAE central bank on Jan. 1 which limits mortgage financing for expats at 50% of a property's sales price. The Emirates Banking Association decided to ask the central bank for a 30-days grace period as homebuyers started to cancel purchasing plans, The National reported. At the NASDAQ Dubai, global port operator DP World jumped 2.50% to $12.40 amid improved prospects for the global economy. In Dec., China house prices rebounded for the first time in 9 months, while U. S. unemployment remained stable at 7.8%, oil prices climbed 8.40% in the last four weeks.
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Gérard Al-Fil, Financial JournalistMonday, January 07 - 2013 at 14:07 UAE local time (GMT+4)
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