Dubai bourse almost drops below 1,500 points

15 June 2010

The step by step-crash continued at the Dubai Financial Market (DFM). Its main index lost 1.31%, closing at a 12-month low at 1,502.69 points. The DFM share ended 1.95% lower at Dhs1.51. Islamic bank Ajman Bank was the only share gaining value (up 1.33% at Dhs0.76), as 23 stocks weakened. Ajman Bank yesterday announced that it has formed a strategic partnership with Al Futtaim GE, as Commercial Vehicle Finance providers. Gulf Navigation Holdings finished flat at Dhs0.55. The maritime services firm announced today that Gulf Mizhar Shipping Inc., its wholly owned subsidiary, has received full payment along with interest from SLS Shipbuilding Co. Ltd of Tongyeong, Korea in respect to the termination of the new building contract relating to a chemical tanker vessel bearing hull for $35m, bringing the total amount received in excess of $70m. Turnover was up at the DFM 22% with Dhs138.94m value traded. Volumes declined by 5% as some 84.15m stocks changed hands.

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