DFM General Index Maintains 1.500-Level

Big 5

The Dubai Financial Market General Index (DFMGI) closed 0.78% lower at 1,515.02 points Thursday. Nine shares advanced, 14 declined and three closed even.

Emaar Properties PJSC (EMAAR:UH) climbed back Dhs2.98 ($0.81) (up one percent), while investment bank SHUAA Capital PSC (SHUAA:UH) 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.”

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Some 145 million shares were traded today, valued at Dhs219.4 million ($59.68 million).

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