Dubai market dives 0.74% on global currency disputes

12 October 2010

In line with global markets, the Dubai Financial Market (DFM) lost slightly (off 0.74%), closing at 1,742.63. The IMF annual meeting in Washington failed secure a currency deal between the US and China or resolve imbalances in the world economy, triggering additional uncertainty at global exchanges which currently expects Q3 results from listed firms. Emaar as the most liquid share dipped 0.76% to Dhs3.94. The UAE's leading real estate developer announced an Extraordinary General Meeting for November 3, dealing with the issue of convertible notes of $450m. Only four stocks bucked the downtrend, among them Islamic Ajmanbank (up 0.11% to close at Dhs0.87). Traded value dipped 35% to Dhs276.08 while 161.9m shares changed hands, 29% less than on Monday.

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