Dubai market dives 0.70%

27 October 2010

Losses across the board dragged the DFM General Index down by 0.70% to 1,732.47. Market bellwether Emaar (off 1.56% at Dhs3.78) weighed on the index as well as Dubai Islamic Bank (down 2.08% at Dhs2.35. Bank Emirates NBD, owned 56% by the Investment Corporation of Dubai (ICD), bucked the regional and global doowntrend, gainig 2.96% to close at Dhs3.13. Credit Suisse expects Emirates NBD to continue to 'outperform' as the share, compared to its regional peers, is relatively cheap with a price-earnings-ratio of 4.7 for 2010 and 4.5 for 2011.

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