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Oversold Dubai market bounces back

: Tuesday, June 17 - 2014 @ 17:38

The Dubai Financial Market General Index (DFMGI) gained 0.60 per cent to hit 4,495.24 points on Tuesday, June 17.

After nearly erasing its entire gains during spring, construction giant Arabtec, as the most liquid share, halted a losing streak, closing 4.20 per cent higher at AED4.22. Arabtec CEO Hasan Ismaik denied rumours that there was a rift between the firm and its second shareholder Aabar Investments in Abu Dhabi. Aabar reduced its stake in Arabtec to 18.85 per cent from 21.57 per cent.

Emaar failed to join the mini-rebound and closed flat at AE9.05. Construction and property maintenance firm Drake and Scull International (DSI) surged by 7.27 per cent to AED1.77.

Approximately 610 million shares were traded, valued at AED1.870 billion.

Gérard Al-Fil

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Tuesday, June 17- 2014 @ 17:38 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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