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Dubai market index stabilises above 1,450 points

Despite mostly negative input from Asian and European bourses this morning, the DFM General Index finished Tuesday trading at 1,454.56, representing a tiny day loss of 0.12%. EFG Hermes said in its latest UAE short-term update, that if the support level at 1,450 holds, the gauge could "seek a new rebound in the direction of a potential minor Inverted Head & Shoulders pattern." But concerns over the Euro zone still weigh on the sentiment. While Germany's consumer confidence will show sign of a rebound in July, according to consumer research firm GfK, a new rise in Spanish borrowing costs added to uncertainty. In Dubai, Islamic insurer Takaful Emarat gained the most (up 3.65% at Dhs0.539), followed by the UAE's largest lender Emirates NBD (gaining three percent to hit Dhs2.73). Emaar Properties slipped one percent to Dhs2.84. Eight shares advanced, 18 declined and two closed even. Around 60m shares worth Dhs62.1m changed hands.