Banks keep Dubai market moving up

20 October 2010

In line with slight mixed developments at Asian and European markets on Wednesday, the DFM Index started with losses but thanks to a strong 'home run' at the end of the session it closed 0.64% higher at 1,755.36. Banks and insurers gained in particular, such as Dubai Islamic Bank which jumped 5.13% to close at Dhs2.33 or Emirates NBD (up 1.35% at Dhs3.00). Arabtec advanced 0.44%, finishing at Dhs2.30. The Dubai-based construction giant today released the minutes of its board meeting from October 19, saying after advancing with new projects in Egypt and Bahrain, the firm eyes also growing opportunities in Angola. Due to increasing oil exploration in the South Atlantic, the south-west African country's capital Luanda was judged by the global Mercer study the world's most expensive city. Traded value surged 74% to Dhs270.15 while 130.99m shares changed hands.

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