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Dubai market jumps on trade growth, stable business climate

After weeks of sluggish trading, the Dubai Financial Market General Index closed Tuesday trading 2.54% higher at a one-month high at 1,502.21 points. Earlier in the day, Gulf News reported that according to the UAE National Bureau of Statistics (NBS), the the country's non-oil foreign trade grew 23%, or Dhs173.3bn in 2011 to Dhs927.6bn from Dhs754.4bn in 2010. In addition, bank HSBC said that the HSCB UAE Purchasing Managers Index (PMI) - a composite indicator designed to provide a singlefigure snapshot of the performance of the non-oil private sector – registered 53.2 in June. "That was fractionally down on May's 11-month high of 53.8 and a three-month low, though still indicative of a solid improvement in operating conditions," HSBC said in an e-mailed statement. Market bellwether Emaar Properties soared 6.57% to reach Dhs3.08. Due to a strong jump in trading volumes, shares of DFM, the only listed Arab market, gained 4.66% to hit Dhs98.8. Bank Emirates NBD was the only losing stock, ending down 0.37% at Dhs2.69. The market's rise was broadly supported, as twenty-six equities advanced, while one ended even. Some 177m shares were traded, valued at Dhs235.3m.