Dubai market loses half a percent

28 September 2010

Indices and turnover were down at the DFM on Tuesday. Its General Index closed 0.53% lower at 1,690.19. Most index heavyweight lost such as Emaar (off 0.29% at Dhs3.77) or Dubai Islamic Bank (down 1.71% at Dhs2.30). Commercial Bank of Dubai, the eighth largest bank by assets in the UAE, bucked the trend and gained 1.67% to close at Dhs3.05. In July CBD reported for a 12.8% higher profit of Dhs675m for the first half 2010 compared to the corresponding period in 2009. Traded value at the DFM declined 42% to Dhs145.95. Some 83.46m shares changed hands (off 46%). After the closing real estate contracting firm Drake and Scull (down 0.97% at Dhs0.92) announced that it has been awarded its first project in Syria.

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