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Dubai market hit by profit booking

07 July 2010

Ending with 14 decliners and seven gaining shares, the DFM Index failed to sustain its upward momentum from the start of the week and ended 0.86% lower at 1,482.12 points. The DFM share lost 2.67% (finishing at Dhs1.46). Credit Suisse analyst Mohamad Hawa said yesterday in a statement that the Swiss bank estimates at DFM "a significant (41%) decline in 2Q net income of AED32mn, with total revenues of AED49 mn (based on Q2 total trading value of AED19 bn)." Emirates NBD gained two percent and finished at Dhs2.50. Traded value declined 31% with 74.3m stocks worth changing hands.

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