DUBAI: Dubai Financial Market General Index rose 2 percent to 3,473.42 points, recovering from its lowest level in ten weeks hit in previous session after the announcement of more interest rate from Federal Reserve.
“The Federal Reserve and a denial from Emaar helped a lot to aid sentiment,” said Sanyalaksna Manibhandu, Manager of Research, and National Bank of Abu Dhabi Securities.
The US central bank removed a reference to being “patient” on rates from its policy statement, while sounding a cautious note on the economic recovery. It also cut its median estimate for the federal funds rate and expressed concern over the strength of the dollar, which has risen 10 per cent this year.
Emaar Properties ended 4.64 per cent higher at Dh6.54, recovering from its lowest level in more than two months, after the company clarified that rumours of its chairman Mohammad Al Abbar stepping down were not true.
