Complex Made Simple

Emaar falls the most at sluggish Dubai market

Ongoing selling pressure pulled the Dubai equity market index DFMGI down by 3.24 per cent to 3,450.00 points on Tuesday, January 6. The continued fall of the oil price to a 5.5-year low and the decline of the Euro amid new “Grexit” fears triggered worries at global stock markets about the pace of the world economy.

Emaar, the biggest developer in the Middle East, dived 5.80 per cent to reach AED6.50. Online retailer Marka gained the most, ending up 7.10 per cent at AED1.36.

Air Arabia added 1.35 per cent to close at AED1.50. Earlier in the week on Monday, Air Arabia announced the opening of a new international hub in Jordan at Amman Queen Alia International Airport in Jordan, its fifth fixed-based operation globally, following the acquisition of a 49 per cent stake in Petra Airlines. Dubai Islamic Bank lost 3.60 per cent to hit AED6.16. Earlier in the day, DIB said it has mandated an international consortium of banks, among them HSBC, Emirates NBD and Standard Chartered Bank, to arrange a series of fixed income investor meetings in Asia, Middle East and Europe, starting on January 8, 2015. A benchmark dollar-denominated Islamic sukuk launch might follow depending on market conditions, said DIB.

Four shares advanced, while 26 declined in value.

Gérard Al-Fil