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Dubai market quarrels with 2,600 points resistance

The DFM General Index closed 0.53% lower at 2,585.68 points on Monday. Eleven stocks gained, while 17 shares lost value as 1.04m shares valued at Dhs988m changed hands. Emaar added 0.68% to reach Dhs5.89. Union Properties as the most liquid shares jumped 6.29%, finishing at Dhs0.659. Construction giant Arabtec and maintenance contractor Drake and Scull International (DSI) fell 0.41% and 0.89%, respectively. Earlier in the day, DSI said it has been awarded by Arabtec-led joint venture in Abu Dhabi a Dhs415m contract for works on the Louvre Museum project on Saadiyat island near the UAE capital. Louvre Abu Dhabi, a Dhs2.4bn ($655m) project, is located in the Saadiyat Cultural District and is scheduled to be inaugurated in 2015.