Dubai market rebounds despite bad US data as technical error halts trading
manufacturing data – which expanded in January at the weakest pace in eight months – and subsequent plummeting Asian markets. However, the market managed the turnaround and ended in the green, closing 1.04 per cent higher at 3,812.15 points. Several attempts by AMEinfo.com to call the DFM or any DFM broker failed, as there was no connection. Trading was halted at 1.30pm, half an hour before the official close at 2pm, due to a “technical error”. Arabtec jumped by 11.11 per cent, hitting AED5. Emaar slipped 0.63 per cent to AED7.90. Investment bank SHUAA Capital lost the most, ending down by 5.26 per cent at AED1.08. Logistics giant Aramex gained 1.68 per cent, closing at AED3.02. Earlier in the day, Aramex said that it generated a net profit of AED277.958 million ($75.70m) in 2013 – up by 13.86 per cent year on year. Approximately 744 million shares were traded, valued at AED1.611 billion.