Dubai market boosted ahead of earnings season

20 June 2010

Bargain hunters pushed the DFM Index after a weak start 3.31% higher to the level of 1,547.13 points. The local Dubai exchange, which performs traditionally in a much more volatile ways than other GCC markets, saw real estate bellwethers Emaar Properties (up 8.55% at Dhs3.30) and Arabtec (gaining six percent at Dhs1.94) leading the pack in relation to liquidity. Higher oil prices lifted the market, along with hopes for a recovery of the world economy triggered by strong US market which rose for two consecutive weeks. The trading value surged 158% with 178.87m shares (up 125%) changing hands.

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