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Lackluster Dubai market dips 0.48%

04 October 2010

The DFM General Index declined 0.48% to close at 1,686.52. Emaar Properties dipped 0.80% to finish at Dhs3.72. Earlier in the day, Emaar said in a statement that in regards to the planned issue of convertible bonds, prices quoted on Bloomberg reflect the unregulated or grey market and that only the approval of an extraordinary meeting can pave way to issue such bonds. According to real estate advisory group Jones Lang LaSalle, "all sectors in the Dubai market remain in the downturn phase of the cycle, with the likelihood of continued falls,..., over the rest of 2010." Shares of Shuaa Capital rebounded, closing at Dhs1.11. Shuaa gained 18.48% during the last month. Traded value the DFM declined 27% to Dhs125.56m as 64.66m stocks changed hands.

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