U. S. signs of recovery boost Dubai market

26 September 2010

With the green shoots of a U. S. recovery becoming increasingly visible, GCC markets extend their rallies. The Dubai Financial Market (DFM) Index started the week positively, reaching 1,716.83 points, 1.62% higher than the close on Thursday. An increasingly positive input from the U. S., where the Dow Jones Industrial Index gained 1.86% on Friday due to a slightly stronger report on durable goods orders, supported the local Dubai exchange. Shares of the Middle East’s largest bank by assets Emirates NBD ended 1.37% higher, closing at Dhs2.97. Its investment-banking arm Emirates NBD Capital has announced yesterday that its revenues during the first half of this year rose 27% compared to the same period last year, Emirates Business has reported. ENBD Capital added that it is on track to carry out three IPOs in the first quarter next year. At the Nasdaq Dubai, shares of DP World, globally the third largest container port operator, recovered by 1.76% to close at $0.52. Traded value increased at the DFM by 186% to Dhs506.39m as 311.83m shares (up 167%) changed hands.

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