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Dubai market dares to rebound
- United Arab Emirates: Monday, November 12 - 2012 at 13:52
Despite week input from Asia, where Japan's declining GDP points to a new recession in the world's third largest economy, the Dubai equity market index DFMGI gained Monday 0.75% to hit a three-week hihg at 1,626.22 points. On Sunday, the IMF said Dubai was the leading place in the GCC for foreign direct investments thanks to the emirate's successful diversification of its economy. Emaar Properties added 0.30% to reach Dhs3.66. Real estate maintenance and power and water specialist Drake and Scull International fell 0.63%, after its CEO Khaldoun Tabari said Sunday the GCC construction was "down" and that a lack of funding and tricky collection of payments were weighing on the sector, Tabari told Gulf Business Daily. Regarding the DFMGI, EFG Hermes said "On the short-term, we expect the level of 1630 to hold any rise for the index. On the medium-term, and until the break of 1655 with a decent volume, we expect a sideway between 1540 and 1640 point."
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Gérard Al-Fil, Financial JournalistMonday, November 12 - 2012 at 13:52 UAE local time (GMT+4)
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