Dubai market deadlocked at around 1,500 points

18 July 2010

The Dubai Financial market started weakly, tried to break out above 1,515 points and eventually closed 0.83% lower at 1,507.61 points as weak inputs from the U.S. and Saudi Arabia weighed on the investors' mood. The materials sector index (down 4.81%) did the largest retreat among the DFM segments. Emirate Integrated Telecommunications Company , dubbed 'du', rose against the trend and finished as the top gaining share, up 2.49% at Dhs2.06. Shares of Nasdaq Dubai-primary listed container port operator DP World fell 4.79% on high trading volumes, finishing at $0.417. Bank Emirates NBD eased 3.84%, falling to Dhs2.44. According to Edward Roderick, Co-Chairman of enVestors in Dubai, most banks are still risk averse and not ready financing start-ups, thus entrepreneurs are turning more and more to wealthy GCC families to get seed financing, he told AMEinfo.com.

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