Dubai – Mubasher: The general index of the Dubai Financial Market (DFM) closed the week on a negative note amid growing concerns over the outbreak of the novel coronavirus (COVID-19).
The DFM’s general index fell by 447.28 points or 18.04% to end the five-session week at 2,032.12 points, compared to 2,479.40 points a week earlier.
The market cap value plunged by AED 55.03 billion to close at AED 296.53 billion over the course of the week ended 12 March, compared to AED 351.56 billion in the previous week.
The consumer goods, real estate, banks, investment and financial services, and services sectors declined by 28.81%, 21.53%, 18.43%, 11.48%, and 10.64%, respectively.
As for stocks, DXB Entertainments retreated by 30.59%, while Emirates NBD, and Arabtec Holding slid by 26.02% and 24.37%, in that order.
Meanwhile, Damac Properties, Emaar Properties, Dubai Islamic Bank, and Dubai Investments sank by 24.13%, 21.82%, 15.82%, and 6.61%, respectively.
On Thursday, the UAE announced the detection of 11 new COVID-19 cases, bringing the total number of infections to 85.
