DFM edgy as global markets sink

In a knee-jerk reaction to the reports of clashes between North and South Korea coupled with concerns over the bailout of debt-laden Ireland, investors kept on edge globally on Tuesday, including on Dubai Financial Market (DFM).

The benchmark index closed at 1,691.48, down 19.79 points or 1.16 per cent. All sectoral indices closed in the negative, with utilities, real estate, and financial/investment sectors among the major losers.

Out of 25 stocks traded, only three managed to advance, namely Al Salam Bank Sudan, Drake and Scull International, and Dubai Islamic Insurance.

Major stocks like DP World fell half-a-percentage point, Emaar fell 1.86 per cent, Arabtec closed 2.60 per cent down, while DFM's own shares fell 2.56 per cent.

Abu Dhabi Securities Exchange (ADX) also closed flat at 2,755.81, rising marginally by 1.87 point.

A bout of jitters rattled global stocks markets to fall on Tuesday. In Asia-Pacific, for instance, all major stock indices, except Nikkei 225, were trading down, so was the case with European bourses, as per the latest data.

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