Real estate sector rally lifts Dubai market

06 July 2010

With stocks rising around the world, GCC markets join. The DFM real estate sector index ended with the largest advance, sending the DFM Index 1.54% upward to the level of 1,494.96 points. Dubai's market bellwether Emaar Properties emerged as the most liquid stock, jumping 3.25% to Dhs3.18. Financials ended on a mixed note. On the one hand, the Middle East's largest bank in relation to assets Emirates NBD failed to join the bull's run and ended two percent lower at Dhs2.45. On the other hand, investment bank Shuaa Capital, which just appointed Walid Shahibi as its new CEO, finished one percent higher at Dhs1.02. For the first time since July 1st, turnover rbounded at the DFM. Traded value advanced 88% to Dhs102,429,846 and 141,602,658 stocks changed hands, up by a staggering 231%.

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