Dubai market meltdown goes on

06 June 2010

Valuations and turnover headed lower at Gulf exchanges on Sunday, leaving the Dubai Financial Market (DFM) Index at 1,511.56 points (off 1.96%). Turnover declined by 46% to around Dhs112m. Volumes were down by 44% to some 67.8m shares. Market bellwether Emaar Properties dropped to Dhs3.10 (off 3.13%). Budget carrier Air Arabia closed 2.86% lower at Dhs0.85. Air Arabia (AIRA.DU) announced yesterday the launch of its service to Najaf, Iraq, from the airline's hub in Sharjah. Investment bank Shuaa Capital bucked the trend and gained 4.80%, closing at Dhs1.31. The DFM index is the worst performing composite in the GCC, based on a year-to-date basis (down 16.19%).

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