Real estate related economic and financial news covering the MENA region.
Market breadth improves as Dubai market defends 1,500-level
May 10, 2012
The Dubai Financial Market General Index closed 0.78% lower at 1,515.02 points Thursday. Nine shares advanced, 14 declined and three closed even. Emaar Properties climbed back Dhs2.98 (up one percent), while investment bank Shuaa Capital plummeted 7.50%. Despite the DFMGI's sharp fall this week (down 4.11%) amid an ongoing flow of bad news from the Euro zone , EFG Hermes' research said earlier in the day in its SHort Term Update UAE: "We continue to believe in Dubai. We think the last part is irrational and could be washing out. Market will have significant support between current level down to the 1485 level." Some 145m shares were traded today, valued at Dhs219.4m.