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Dubai market rally continues
- United Arab Emirates: Sunday, June 07 - 2009 at 14:13
Despite a weak start of the Saudi bourse yesterday, the Dubai Financial Market continiued to post gains, defending its breakthrough above 2,00 points last week. The DFM General Index closed 2.36% higher at 2,073 points mainly carried by real estate bellwether Emaar (up 1.27%), Sharia-compliant developper Deyaar (7.59% higher) and Union Properties (gaining 7.45%). Real estate contractor Drake & Scull (up 1.1%) has obtained Emirates Securities and Commodities Authority approval to buy back up to 10% of its shares, as EFG Hermes reports. Investors sold shares of Kuwait-based Global Investment House (7.73% lower). High trading volumes of more than 1.4m shares however indicate also a slight overheating of the rebound rally.
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Gérard Al-Fil, Financial JournalistSunday, June 07 - 2009 at 14:13 UAE local time (GMT+4)
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This article was updated on Mon Jun 08 2009.
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