Dubai: The Dubai index fell nearly 1.3 per cent on Wednesday, joining the global rout caused by expectations of faster than expected rise in interest rates in the United States.
“The weakness is line with global markets after the Fed chair’s hawkish comments. Locally, nothing has changed in the UAE,” said Saleem Khokhar, head of equities at First Abu Dhabi Bank asset management group.
The Dubai Financial Market General Index closed 1.29 per cent lower at 3,244.12. The sell-off was further aggravated by weakness in Dubai Islamic Bank ahead of it going ex-dividend and expected rights issue.
Dubai Islamic Bank fell 0.82 per cent lower at Dh6.06. Emaar Properties closed 2.37 per cent lower at Dh6.17.
The Abu Dhabi Securities Exchange general index closed 0.03 per cent lower at 4,597.66. Elsewhere in the Gulf, the Tadawul index was 0.63 per cent lower at 7,418.80.
