Real estate firms drag Dubai market down

28 June 2010

Islamic real estate developer Deyaar Development (off 4.35% at Dhs0.33) and Emaar Properties (down 2.14% at Dhs3.20) were the most liquid shares and weighed on the DFM Index, which closed 1.16% lower at 1,515.39 points. Sharia-compliant banks Gulf Finance House (up 2.40% at Dhs0.512) and Ajmanbank (gaining 0.53% at Dhs0.761) on the other hand bucked the lackluster trading mood. Two years after its foundation, Ajmanbank hired global consultancy firm AT Kearney in order to redesign its organizational structure, Emirates Business reports. Trading value surged by 104% to Dhs223.25m at the DFM and volumes advanced 130% to some 213m shares changing hands.

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