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Late slump hits Dubai Financial Market |
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08.4.2009 |
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Dubai's benchmark DFM ends lower for the first time this week as traders book profits from a three-day, 4.1 per cent rally, but Abu Dhabi's index rises for the 14th session in 15.
Union Properties plunges 4.5 per cent and Deyaar loses 2.6 per cent.
Blue chips support, with Emirates NBD surging 4.7 per cent and Emaar Properties rising 0.3 per cent to Dh2.95, although it retreats from an intraday high of Dh3.09. The index falls 0.4 per cent to 1,878 points.
"We have to be mindful of over-cooking it like before when we saw the market give everything back," says Julian Bruce, EFG-Hermes director of institutional equity sales, referring the index's near 600-point surge between April 30 and June 14, before it subsequently lost 568 points within a month.
"The increase this time has been steadier, with investors waiting for the second-quarter numbers to come out, which were fairly reasonable - earnings were down from last year, but there weren't any really nasty surprises," adds Bruce.
Abu Dhabi's index climbs 0.9 per cent to 2,863 points, its highest finish since June 15. Volumes are the highest for nearly seven weeks.
Union National Bank adds 2.7 per cent.
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Source:www.business24-7.ae |
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