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Trading volumes at Dubai market near meltdown

The DFM General Index failed to sustain an early upswing and ended eventually 0.84% lower at 1,629.98 points. The DFM, the only Arab market which is listed publicly (as yet), saw its shares declining by 1.97% to close at Dhs1.49. During the last three months DFM shares plummeted 13%. Today, only 68m stocks in total changed hands at the local Dubai bourse. Earlier in the day, Fahima Bastaki, Senior Vice President for Market Development at the DFM told at the sidelines of a conference, that the DFM is confident that the UAE will be upgraded by index provider MSCI to "emerging market"-status "in mid-2011". "Two issues have to be solved: the payment and delivery-structure at the DFM and foreign ownership", Ms. Bastaki said.