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Dubai market ends lower

03 June 2010

The Dubai Financial Market (DFM) started bullish on Thursday. It eventually lost momentum and closed 0.52% lower at 1,541.80 points. Market bellwether Emaar Properties fell by 0.62% and ended at Dhs3.20. According to the Credit Suisse "Mena Real Estate Outlook" which was published today, real estate prices in Dubai's residential segment declined to the level of 2006 and could fall by 15-20% further in 2010. The Swiss bank also revised its price target for Emaar shares down by Dhs0.6 to Dhs5.19, but still says the shares would "outperform". Turnover was up at the DFM by 19% compared to Wednesday. During the first week of June the DFM Index lost 3.08%.

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