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Dubai: In a mark of respect to the sudden death of Shaikh Maktoum Bin Rashid Al Maktoum, the late prime minister and vice-president of the United Arab Emirates, the nation?s stock markets ceased trading yesterday. Dubai?s leading stock exchange, Dubai Financial Market (DFM), was midway through its trading session when news filtered through to traders and the exchange immediately stopped proceedings. DFM management said the exchange would remain closed until further notice, but will most likely follow all UAE government institutions and remain closed for up to one week.
A statement issued by the UAE financial watchdog, the Emirates Securities and Commodities Authority (ESCA), confirmed that all UAE bourses would remain closed for a seven day period from yesterday. Dubai?s main DSI index of shares fell than 3.28 per cent to close at 1,039.9. All stocks on the Dubai exchange were either in negative territory or unchanged. The investment index was hardest hit, falling by 5.39 per cent. The Abu Dhabi Securities Market (ADSM) also closed its doors following the shock news. The benchmark ADI list of shares fell by 1.63 per cent to close Stocks in Abu Dhabi followed the sombre mood in Dubai with all stocks either lower or unmoved, with the exception of Umm Al Qaiwain Cement Industries Company, which was up a slight 1.27 per cent. The emirate?s newest exchange, Dubai Gold and Commodity Exchange (DGCX), which opened its doors in November 2005, confirmed it would also close for one week from today, as a mark of respect to the late Shaikh Maktoum.
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