Dubai Financial Market falls under 3,000 for first time in two years

Dubai’s headline share index fell below the 3,000 mark for the first time in two years on Wednesday, while Abu Dhabi hit a new low for the year, as investors continued to trim their positions amid weakening global equities.

The Dubai Financial Market General Index fell to a low of 2,967.59 around lunchtime, before recovering to finish 0.3 per cent lower at 3,000.95.

The index has ended lower eight out of the last 10 trading days, shedding 6.3 per cent of its value since the start of the month.

Emirates NBD and Amlak Finance were among the poorest performing stocks, declining 2.8 and 2.3 per cent respectively.

Damac Properties fell 2.2 per cent to Dh2.20, after the developer said that it was sticking by its partnership with the Trump Organization, despite comments by its founder Donald Trump calling for “a total and complete shutdown of Muslims entering the United States”.

Arabtec Holding and Emaar Properties recovered from their lowest levels of the year, climbing 0.9 and 0.1 per cent respectively.

Shares in the capital closed down 0.6 per cent at 4,083.86.

Meanwhile, Brent crude futures recovered ground, after dipping below the $40 per barrel mark for the first time in six years on Tuesday. Brent was trading up around 52 cents at $40.78 per barrel midafternoon UAE time.

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