Dubai market adds half a percent

09 August 2010

The Dubai bourse recovered from Sunday's slump to a six-week-low and ended 0.51% higher at 1,501.25 points. Emaar was the most liquid stock and closed 0.93% higher at Dhs3.24. Shares of Air Arabia lost 0.94%, finishing at Dhs0.84. The Sharjah-based low-cost carrier reported revenues of Dhs485m in Q2 2010, up 6% year-on-year and up 1% quarter-on- quarter and ahead of EFG Hermes Dhs461m forecast, rating the shares with a 'buy'. EFG Hermes, however, criticised the 'limited amount of information' Air Arabia provided with the results. Traded value at the DFM decreased 15% to Dhs75.07m while volumes went up 6% as 57.95m shares changed hands.

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