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UAE consumer confidence eases ‘war panic’ at Dubai market

After falling by over 6 percent in early Wednesday trading, the DFM General Index performed a stunning turnaround and eventually closed "only" 1.30% lower at 2,516.48 points. Earlier in the day, Master Card said that based on its latest survey, consumers in the UAE were "more optimistic than ever before". According to the recently released 'MasterCard Index of Consumer Confidence' the UAE consumer confidence has reached an unprecedented score of 94.7 points. On Tuesday, the DFMGI fell the most (off 7%) in the GCC amid rising fears the U. S. and the U. K. might launch a bombing campaign against Syria. It was the biggest intraday slump since the debt crisis in 2009 pushed the emirate to the brink of default At the DFM, shares of logistics giant Aramex (up 2% at Dhs2.55), the UAE's first lender Emirates NBD (up 1.66% at Dhs5.50) and Sharjah-based budget carrier Air Arabia (0.75% higher at Dhs1.35) were the three sole gainers. Emaar halted the sharp decline from yesterday and closed unchanged at Dhs5.70. Its rival Deyaar Development plummeted 6.75% to Dhs0.47. Ekttitab lost the most, down 9.81% at Dhs0.947. Three shares gained, 24 declined and four ended even. Some 920m stocks were traded, valued at Dhs1.2bn.