Dubai Market retreats slightly

08 June 2010

Easy come, easy go. The DFM Index lost on Tuesday 0.30% and closed at 1,513.56 points, after the market gained 0.31% on Monday. The advance-decline ratio of 14 advancing shares against 10 declining stock might indicate a slight correction. But declining heavyweight Emaar Properties (off 1.27% at Dhs3.10) and the DFM share itself (down 0.65% at Dhs1.54) weighed on the index. The DFM is the only publicly listed Arab capital market. Islamic home builder Deyaar Development gained 0.31% and closed at Dhs0.321. Deyaar, a spin-off of Dubai Islamic Bank (off 0.49% at Dhs2.03), has lost over 50% of its value during the last six months. Turnover was down 5% at the DFM while volumes ended up 4% with some 69.7m shares changing hands.

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