Dubai market plummets 3%

01 June 2010

The DFM Index finished 3.06% lower at 1,531.15 points. News that state-owned Dubai Drydocks asked its creditor banks for a restructuring of a $1.7bn loan due in November this year, weighed on the Dubai Financial Market (DFM) on Tuesday. Also, Dubai Holding Commercial Operations Group recorded a net loss (excluding impairments) of Dhs1.0bn for the year ended 31 December 2009, compared to a Dhs7.4bn net profit in 2008. Real estate and financial shares in particular dragged the index down in thin trading. Market bellwether Emaar Properties plummeted by 5.97%, ending at Dhs3.15. Shares of logistics specialist Aramex were the only which bucked the downtrend by advancing 0.71% at Dhs1.41.

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