The local Dubai market DFM dipped 0.21% to 1,563.41 points. Sharjah-based budget carrier Air Arabia gained 0.85% to close at Dhs0.708. Earlier in the day Giovanni Bisignani, the general secratary of IATA, said his association has reduced profit projections for 2011 to $4bn down from $8.6bn due to rallying oil prices. Emaar Properties fell 0.93% to Dhs3.19. Only four shares added value, 20 lost and four closed flat. Around 126m shares were traded, valued at Dhs138.5m.