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Dubai market plummets over Syria ‘war of words’

Two gaining shares and 28 losers - that was the disastrous result of the Tuesday mini-crash which dragged the Dubai market measure DFMGI down by 7.01% to 2,549.61 points. "From 11am on, all-out panic started, customers called and only wanted to sell at market rates," a stock broker at the DFM said. Fears over a regional escalation in the Syria crisis abruptly halted the summer rally. Russian foreign minister Sergei Lavrov said on Monday any war triggered by the U. S. against Syria would "inflame the Middle East". Meanwhile, the Obama administration said it would not go ahead with a planned Syria peace conference which was initiated by Russia. Deyaar Development and Tabreed closed limit-down (off 10%). Market bellwether Emaar dived 8.36% to hit Dhs5.70. Shares of construction giant Arabtec (the most liquid stock), DFM, investment bank Shuaa Capital, Gulf General Investment Co. (GGICO) and contractor Drake and Scull International lost over 9% in value. Commercial Bank of Dubai finished 2.50% higher at Dhs4.10. Trading volumes remained high as 1.1bn shares worth Dhs1.75bn changed hands.