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Dubai market knocks at 2,000 points
- United Arab Emirates: Tuesday, September 08 - 2009 at 14:14
The Dubai Financial Market (DFM) posted losses on opening but eventually gained momentum and closed 1.12% higher at 1,996.01 points on a high trading turnover. While Emaar closed flat at Dhs3.80, other real estate firms gained. Islamic real estate firm Deyaar Development posted the second largest gain on news that it will expand its portfolio across the seven emirates of the UAE, EFG Hermes cites Zawya Dow Jones. Arabtec posted a profit of 0.32% and finished at Dhs3.13. The UAE-based firm approved the establishment of Austrian Arabian Ready Mix Concrete Saudi Arabia LLC. 'We expect the company to record a stronger revenue contribution from its Saudi operations from H2 2009 onwards and beyond', says Fahd Iqbal, Vice President and equity analyst at EFG Hermes. Emirates NBD recovered from recent losses and closed at Dhs3.69 (up 2.50%). Shuaa Capital declined further after gaining 33% last week, ending 1.97% lower at Dhs1.01. Only two shares lost, while 16 gained and eight remained unchanged.
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Gérard Al-Fil, Financial JournalistTuesday, September 08 - 2009 at 14:14 UAE local time (GMT+4)
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This article was updated on Wed Sep 09 2009.
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