DUBAI, May 23 (Xinhua) -- The Dubai stock market Dubai Financial Market (DFM) ended a three-day gaining streak on Wednesday as market bellwether shares in the real states and banking sector posted losses amid growing worries about rising risks in the emerging markets.
The DFM General Index closed 0.89 percent lower at 2,946.67 as earlier week's euphoria faded over the United Arab Emirates (UAE) government's move from last Sunday.
The UAE government will allow for the first time 100 percent business ownership for foreign investors and the 10-year residence visa policy by the end of this year.
Approximately 333 million shares changed hands, while 6 shares gained and 23 declined in value.
Market bellwether Emaar Properties, the developer of the world's tallest "vertical city" Burj Khalifa, lost 1.52 percent.
The UAE's biggest construction firm Arabtec posted the biggest loss, ending off 2.91 percent.
Dubai's Alramz Corporation Investment and Development bucked the trend, gaining 8.15 percent.
Dubai's biggest bank and market heavyweight Emirates NBD lost 1.87 percent. On Tuesday, the lender said it would buy a 99.85 percent stake in Turkey's Denizbank after it entered with Sberbank of Russia into an agreement whereby Sberbank will sell its entire 99.85 percent stake in Denizbank to Emirates NBD for 14.6 billion Turkish liras (3.2 billion U.S. dollars).
Upon closing of the transaction, Sberbank will cease to be a shareholder in Denizbank, said Emirates NBD in a filing to the DFM yesterday.
However, the IMF warned in February 2018 about the emergence of economic risk in Turkey amid depreciation of Turkish lira against the U.S. dollar.
Dubai-based economist Nasser Saidi said earlier in the week that regarding the normalization of U.S. interest rates, "the most vulnerable ones are those emerging markets, like Argentina and Turkey."
"With large current account imbalances, the emerging markets require large capital inflows to sustain their growth and service their external debt."
