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The bulls are back at the Dubai Financial Market

11 March 2012

Strong input form the U. S. and Saudi stock markets have a triggered a new bull-rally at the DFM Sunday, whose benchmark gauge DFMGI closed 4.73% higher at 1,686.6 points. After last week's sell-off, when ongoing worries about re-financing Greece's astronomic debt put global indexes under pressure, investors bought stocks across the board today, with Islamic property firm Deyaar Development (up 14.92%), Shuaa Capital (10% higher) and Arabtec Construction (gaining 9.74%) closing among the top gainers. District cooling specialist Tabreed (up 3.70%) was the most liquid share. Slightly better-than-expected job market figures from the U. S. last Thursday and a rebound in oil prices paved the way for the return of the buyers in Riyadh (up 1.44%) yesterday and for the correction of last week's correction at the DFM today. "US non-farm payrolls rose by 227k in February, with unemployment at a three-year low of 8.3%, underscoring a notable acceleration in job creation," said Dr. Nasser Saidi, Chief Economist and Head of External Relations at the DIFC Authority in his weekly commentary published today. Some 502m shares were traded, valued at Dhs602.8m. At the NASDAQ Dubai, port operator DP World regained 1.35% to reach $11.26.

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