The Dubai Financial Market (DFM) index fell more than one per cent yesterday as global markets took a bearish turn amid rising tensions between North Korea and South Korea and over concern Ireland's debt problems could spill over to other countries in the Eurozone.
The Market today fell ue to geopolitidcal tensions in the Korean peninsula, Ireland isssues and conern over the Saudi king's health." said a market analyst.
Analysts say the Dubai market needs a local catalyst to move higher. They say market participants are trying to ascertain how monetary policicy tightening in Chin, the resuce package for Ireland and the low inflation dynamic in the USsupporting the Fed's second phase of quantitative easing (QE2) will impact GCC equities. Analysts are expecting the market to be range-bound in the near term.
The DFM index fell 1.16 per cent to 1691.48. About 96.98 million shares workth about Dh. 155.43 million were traded.
The decline was manily due to the fall o f DP world, Emaar, Arabtec, Air Arabia, Hits Telecom and du. About Dh. 48.67 million were were traded, closing 1.86 per cent lower at Dh. 3.69
Of the 25 companies traded, only 3 rose, 221 fell and 1 was unchanged. The top gainer was Alsalamsudan, closing 4 per cent higher at Dh. 1.82. Hits Telecom was the the main loser, falling 4.13 per cent to close at 1.16.
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