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Dubai market gains 1.43% amid fresh optimism

21 July 2010

After UAE Vice President, Prime Minister and Dubai ruler HH Sheikh Mohammed Bin Rashid Al-Maktoum declared in a CNN interview (to be aired on Friday) that the recession was over investors went on a buying spree at the DFM, sending the main index 1.43% higher to 1,531.36 points. "There is a new kind of optimism in the UAE. Investors, however, do not look anymore for fast gains, but for quality and sustainability", Imad Ghandour, Executive Director, Private Equity at Gulf Capital in Abu Dhabi told AME Info. Emaar was the most liquid stock, surging by three percent to Dhs3.37. The emirate's leading real estate developer was topped by construction firm Arabtec, advancing 3.9% to Dhs1.86. Traded value increased by a fifth to Dhs150.19m while 86.53m stocks changed hands, up by a quarter compared to Tuesday.

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