The Wall street has been experiencing wreckage and financial turbulence due to incredible losses of some financial giants. The wreckage has also affected some stocks worldwide, including Dubai shares, which retreated for fourth day, with recorded loss of 1.7 percent.
“While the UAE is open to foreign investments, financial crises in the West are not directly influential here, only indirectly,” said Hiba Azar, a senior broker at Shaheen Financial Brokers.
She noted that the Dubai Financial Market (DFM) General Index initially lost eight per cent on Monday, but posted a net loss of 1.7 per cent due to new capital being pumped into the market. The bourse lost 31.8 per cent so far this year. Emirates NBD, the country’s biggest bank by assets, was among the biggest losers in Dubai with a fall of about five per cent to Dh9.21 as the banking sector weighed down the main index. Commercial Bank of Dubai, the emirate’s fourth-largest bank, lost 4.9 per cent to Dh9.65.