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Dubai market back on bullish track
- United Arab Emirates: Wednesday, September 30 - 2009 at 15:12
The Dubai Financial Market (DFM) did not perform well during the first hour of trading but eventually gained 1.33%, closing at 2,191.03 points. Twenty-one shares gained, three times more than losing stocks. Dubai Refreshments (up 4.84% at Dhs9.96 posted the largest gain. The investors rewarded Emaar Property's announcement to relaunch an IPO which was cancelled in 2008 of its India-based unit MGF and sent Emaar shares higher by 2.53% (ending at Dhs4.05). Banks performed lower as Emirates Business 24 7 reported that the UAE Banks' share of non-performing loans (NPL) is still on the rise, quoting Dr. Giyas Gokkent, Chief Economist at National Bank of Abu Dhabi. Dubai-based Shuaa Capital closed 1.47% lower at Dhs2.01.
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Gérard Al-Fil, Financial JournalistWednesday, September 30 - 2009 at 15:12 UAE local time (GMT+4)
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