Dubai market rebounds by 1.22%

02 June 2010

After a weak start, the Dubai Financial Market (DFM) Index gained momentum and closed 1.22 % higher at 1,549.80 points on strong performing financial and real estate shares. Market bellwether Emaar Properties emerged as the most liquid stock, advancing by 2.22% to Dhs3.22. Turnover at the DFM, however, weakened by 34% to Dhs174.6m and volume declined by 30% to 107.7m shares. Dubai Islamic Bank (DIB) added 0.48% and closed at Dhs2.10. The oldest regulated Islamic financial institution, founded in 1975, is said to be interested in buying Islamic home finance specialist Tamweel, after Arabic language Alrroya Aleqtissadiya daily speculated on such a move on Tuesday, quoting familiar sources.

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