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Dubai market rebound hits a brick wall
- United Arab Emirates: Wednesday, December 05 - 2012 at 15:10
The DFM General Index fell 0.04% Wednesday, closing at 1,610.76 despite domestic and foreign tailwinds. Earlier in the day, HSCB said headline seasonally adjusted HSBC United Arab Emirates PMI™ registered hit 53.7 in November, almost unchanged from 53.8 in October, but indicated "a solid improvement overall". In addition, Asian shares edged up on remarks by new communist party chief Xi Jinping who said the government would take measures to stabilise the world's second largest economy's exports. Emaar closed flat, while Arabtec added further (up 0.90%). Shuaa Capital and Dubai Islamic Bank gained 2.28% and 1.53%, respectively. Trading volumes melted down to 47m shares traded, valued at Dhs47.75m.
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Gérard Al-Fil, Financial JournalistWednesday, December 05 - 2012 at 15:10 UAE local time (GMT+4)
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