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Dubai market retreats as penny stocks plummet

The DFM General Index closed 0.23% lower to 2,741.89 points on Monday. Market breadth turned bearish with 7 shares advancing and 18 declining in value. The highflyers from yesterday were the losers of today. Gulf General Investments Co. GGICO dived 6.40% to Dhs0.60. Union Properties slipped 0.96% to Dhs0.618. Emaar declined by 0.48% to Dhs6.22. Thanks to high trading turnover, DFM, the only Arab bourse being listed on an exchange, gained 0.96% to reach Dhs2.11. Some 1.15bn shares were traded, valued at Dhs1.476bn.