Complex Made Simple

Dubai market fails to join rebound in Asia and Europe

After an encouraging opening on Thursday, the DFM General Index quickly lost steam and fell 0.67% to 2,499.67 points, a 6-week low. However, market breadth ended in the neutral zone as 12 shares advanced and 12 declined. Equity indices in East Asia and in Europe, on the other hand, recovered slightly after U. S. president Barack Obama said a final decision to launch a bombing campaign on the Syrians had not been taken yet. At the DFM, Arabtec as the most liquid share dived 2.59% to Dhs2.26. Emaar slipped 0.70% to Dhs5.77. Gulf General Investment Company or GGICO gained the most, finishing 6.60% higher at Dhs0.549. Trading turnover fell by over 50%. Around 455m shares were traded, valued at Dhs585m. During the last week of August which was dominated by worries over an escalation in the Syria crisis, the Dubai market index lost 9% in value.