Throughout the week, the Dubai Financial Market General Index increased by 6.12%, gaining a total of 92.38 points tto close at 1 601.24 points, according the Mubasher data. DFM, DIB, EMAAR and DIC increased the index by total of 52.03 points. ARTC, DFM, UPP were the top gainers, where their prices increased by 44.62%, 27.93% and 27.69% respectively. On the other hand, SALAMSUDAN and DNIR topped the list of loosers, decreasin by 19.41% and 17.23% respectively.
Amid fears of a possible default on debt and the global squeeze on credit, state-owned, Borse Dubai managed to raise as muchas $2.5 billion through one-year loan syndication, bankers close to the deal said. Meanwhile, the loan, which was coordinated by HSBC and included a one-year extension option, closed at a margin of 325 basis points (bps) over LIBOR, with an additional fee of 75 bps, if it is extended for a year. Combining this with the $1 billion equity injection intended by Borse Dubai’s shareholders, the company will manage to successfully refinance its $3.78 billion loan which was previously obtained to back the acquisition of Nordic exchanges group OMX, and matures on Feb. 28.
DFM sectors’ performance advanced during the week, except for the Materials sector, which decreased by 5.68% and the Consumer Staples sector, which remained constant. The Utilities sector increased the most by 17.39%. Furthermore, the Investment & Financial Service and Real estate & Construction sectors followed the increasing trend, adding 14.01% and 9.86%, respectively.
