DMFGI falls for the fifth consecutive day

DMFGIDubai Financial Market General Index (DMFGI) remained under pressure for a fifth consecutive day in a row as most of the investors decided to off-load banking and property stocks in Dubai and Abu Dhabi. Investor's confidence also remained under pressure due to delay in restructuring of debt by the Dubai World.

DMFGI hit a one-month low in the recent trading while benchmark index at the Abu Dhabi Securities Exchange too reflected negative sentiments. Only Sharjah Cement and Industrial Development Company shouldered the index reporting an increase of 4.17 per cent to stand at Dh 1.5.

The day remained very tough for Shuaa Capital that emerged as a top loser of the day, reporting decline of 5.08 per cent to Dh1.12. Emirates NBD, the nation's biggest bank also experienced jolts and reported a decline of 1.62 per cent. Shares of Dubai Islamic Bank too fell 0.88 per cent to Dh2.25.

Samer Al Jaouni, General Manager of Middle East Financial Brokerage Co added, "Uncertainty and rumors regarding Dubai World restructuring is controlling market sentiment Institutions, especially foreign buyers, will stay away from such markets."