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Dubai market weakens 0.45%

15 August 2010

Following a weak debut of the third week of August in Riyadh in Sunday (where the Tadawul bourse lost 1.1%), the DFM General Index closed at 1,465.59 points (off 0.45%) amid continuing worries about a global economic "double-dip". Bellwether Emaar Properties finished 0.32% lower at Dhs3.12. while shares of Dubai Islamic Bank (DIB) ended flat at Dhs1.87. DIB, the oldest regulated Islamic bank (founded in 1975) reported for the second quarter a net profit for Dhs310m, a 50% quarter-on-quarter increase. Traded value dipped 37% to Dhs38.07m and volumes declined by 28% as 34.2m as stocks changed hands at the DFM.

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