Page 12 - UNION PROPERTIES GENERAL REPORT - JUNE 2024

UAE equities lose ground in May,

reflecting regional trends

Geopolitical issues and lower crude oil prices worsen sell-off
by

Somshankar Bandyopadhyay

The Dubai Financial Market . The DFM General Index recorded a decline of 4.3 per cent during last month, its third consecutive
decline. — AFP file
Published: Tue 4 Jun 2024, 1:56 PM
Last updated: Tue 4 Jun 2024, 2:14 PM
UAE equity benchmarks headed south over the last month, reflecting a broader trend across
the GCC, as geopolitical issues and lower crude oil prices worsened a sell-off in global
emerging markets.
According to a study published by Kamco Invest, the DFM General Index recorded a decline
of 4.3 per cent during last month, its third consecutive decline after four straight months of
gains, closing the month at 3,977.9 points. The monthly sector performance chart was
skewed to the decliners with six out of eight sectors recording declines while the remaining
two saw gains during the period. The decline in the financial sector (-3.1 per cent), the largest
weighted sector in the exchange, was among the decliners dragging the overall general
index into the red. Significant share price declines in several banks in the sector such as
Commercial Bank of Dubai (-8.2 per cent) and Emirates Investment Bank (-4.4 per cent)
contributed to the monthly index decline.

The consumer staples index witnessed the biggest monthly decline among sectors at -8.8
per cent to close the month at 84 points followed by the real estate index that witnessed a
7.9 per cent fall during last month to close May at 7,389.8 points.
According to monthly stock performance from Bloomberg, Al Mazaya Holding Company
topped the monthly gainers table with 38.4 per cent jump in share price followed by National

https://www.khaleejtimes.com/business/markets/uae-equities-lose-ground-in-may-reflecting-
regional-trends