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Dubai market jumps 2.32%

On the first trading day of the new decade, the Dubai Financial Market surged 2.32%, reaching 1,688.27 points, thanks to a positive Saudi market input and cheap stock valuations at the DFM which in 2010 declined by 9.60%. Shares of Emirates NBD, the Middle East's largest lender by assets, jumped 7.97% on Sunday to close at Dhs2.98. Arabtec was the main gainer in relation to values traded, closing 3.55% higher at Dhs2.04. Among the five shares decliing, International Financial Advisors (IFA) posted the largest decline, ending 9.80% lower at Dhs0.92. 22 shares advanced and one stock remained flat. Some 120.3m shares worth Dhs176.7m changed hands on January 2nd 2011.