Dubai Stock Market falls to its lowest level during the week
The reports of tough future ahead for Arabtec Holding Company and Dubai Financial Market had have adverse impact on Dubai stocks, making Dubai Financial Market's General index or DFMGI to fall to its lowest in the week.
The net profit of Arabtec, the biggest construction company in the UAE declined 48 per cent to Dh494.9 million due to tough situation of the real estate market of the country. Shares of the UAE's biggest company declined 2.3 per cent to Dh2.1 under low investor's sentiments in the volatile financial market of the Dubai.
Situation also turned tough for the Dubai Financial Market that reported a decline of 0.69 per cent to Dh1.43 after Arabtec and DFM announced their financial results. However, market was shouldered by the Emirates Telecommunications Corporation, or Etisalat that made Abu Dhabi Securities Exchange's benchmark index to close flat.
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