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Dubai market recovery extended

21 June 2010

Along with Asian and European stock exchanges, the Dubai Financial Market (DFM) was lifted by a positive sentiment about the PR China's decision towards floating the Yuan. The DFM Index ended 1.06% higher at 1,563.47 points. Again real estate and construction shares led the extended rebound. The two most liquid stocks were Emaar Properties gaining 2.73% at Dhs3.39 and Arabtec, ending 1.55% higher at Dhs1.97. Deyaar Development (down 1.59% at Dhs0.31) was left behind. According to Chris Speller, Group Director of Cityscape Global in Dubai, Investor confidence rises in the Gulf region, fuelling the next growth in the real estate market. "The wealth of the Middle East region was highlighted recently by US-based business advisory firm Boston Consulting Group's Global Wealth report, which said that three of the six densest millionaire populations are in the Middle East, with Kuwait, Qatar and the UAE in fourth, fifth and sixth place respectively," Speller says. Volumes decreased by 6% at the DFM with 167.4m shares changing hands.

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