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Dubai investors cheer EU debt deal

The Dubai Financial Market (DFM) gained amid high trading volumes over 1.93% on Thursday, closing at 1,379.95 points. News from Europe that EU leaders and banks agreed to cut Greece's sovereign debt by 50%, were received very positively at stock markets in East and West. Emaar shares jumped 4.84% to reach Dhs2.60. Union Properties (up 6.55% at Dhs0.309) was the top gainer. Twenty shares advanced, while the majority of the seven declining stocks where foreign companies, such as Bahrain's Islamic investment bank Gulf Finance House (down 4.97% at Dhs0.497). Trading turnover more than doubled, as some 113m shares were traded, valued at Dhs115.3m.