Dubai market falls further

16 June 2010

While most GCC markets rebounded on Wednesday, the Dubai Financial Market (DFM) closed 0.98% lower at 1,487.93 points. The top construction and real estate shares Emaar Properties (down 2.27% at Dhs3.01) and Arabtec (2.63% lower at Dhs1.85) wiped out all hopes for a technical recovery as a reaction to strong gains at the US markets in New York yesterday. Logistics specialist Aramex bucked the bearish sentiment and ended 1.37% higher at Dhs1.48. Turnover and volumes declined both by 28% as no corporate news was published ahead of the earnings season for the second quarter 2010.

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