Dubai market plummets 2.22%

29 June 2010

Bad input from Asian markets and comments made by the Bank of International Settlements (BIS) on the global banks, weighed on global stock exchanges on Tuesday. The Dubai Financial Market (DFM) declined by 2.22% and closed at 1,481.82 points, as financials such as Gulf Finance House (down 4.88% at Dhs0.487) or the DFM itself (3.95% lower at Dhs1.46) were sold in particular. Weak economic data from Japan and the BIS annual report saying that the financial crisis is far from over, sent shockwaves throughout global capital markets. DFM bellwether Emaar also lost heaviliy, ending at Dhs3.10 (off 3.13). Volumes increased further by a quarter with around 265.37 shares changing hands.

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