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Dubai blue chips retreat further

Despite strong input from US markets, where the Dow Jones Industrial reached a 2.4-years high The DFM Index failed to sustain an early gain and ended 0.16% lower to close at 1,623.83. Investment bank Shuaa Capital (off 4.17% at Dhs1.15) was the main loser, while Emaar Properties lost 1.43% to finish at Dhs3.44. Logistics specialist Aramex added 1.96% to reach Dhs2.08. Over the last 12 months Aramex surged 25.61%. Meanwhile, the UAE market regulator ESCA recommends a merger between the DFM and its counterpart ADX in Abu Dhabi in order to boost trading, Gulf News reports. The DFM (off 9.97% year-to-date) is the top losing exchange in the GCC in 2010.