Bank shares stabilise Dubai market

04 July 2010

Little trading activity along with weak performing construction and real estate firms weighed on the Dubai Financial Market (DFM), which ended 0.10% lower at 1,468.45 points. Emaar (off 0.65% atDhs3.08) still does not find a support and approaches the psychologically important level at Dhs3.00. But some financials sent a signal of hope such as Commercial Bank of Dubai (CBD, gaining 3.45% at Dhs3.00) or Dubai Islamic Bank added 1.03% and closed Dhs1.96. The DFM banking sector index was the only segment which added value. As the Dubai summer heat lead investors to book their holidays, trading volumes plummeted 59% as some 50.54m shares changed hands with Dhs62.819m value traded ($17.13m).

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