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Emaar, Arabtec dip and drag Dubai market down

Despite backwind from Asian markets, the DFM General Index fell by 0.52% on Monday to close at 2,646.10 points amid volatile trading. Market bellwether Emaar Properties declined by 1.16% to Dhs5.95. Arabtec Holding fell 1.20% to Dhs2.47. Drake and Scull International or DSI gained 1.70% to reach Dhs1.21. Earlier in the day, DSI said it has secured a construction contract worth Dhs1.28bn ($350bn) in Algeria. DSI Chief Corporate Affairs Officer Zaina Tabari said further details on the project would be given shortly. As of June 30 2013, DSI has built up a record backlog of Dhs11.7bn ($3.19bn). Market breadth turned bearish at the DFM as 7 shares advanced, while 20 declined in value.