DIP in Dubai Financial Market

The Dubai Financial Market (DFM) followed the rollercoaster mood at international exchanges and closed 1.45% lower after rebounding 2.30% yesterday. Market bellwether Emaar Properties ended 3.61% lower at Dhs2.94. Investment bank EFG Hermes says upgraded its stance on Emaar from ‘reduce’ to ‘neutral’ in the short-term. EFG says it will reconsider its judgment on Emaar until more details about the possible merger with three real estate subsidiaries of Dubai Holding will be disclosed. Shares of logistics specialist Aramex bucked the trend and added 0.64%, closing at Dhs1.58. Aramex soared 33% during the last three months amid extending its presence in Europe. Trading volumes remained stable at the DFM as three shares gained, 23 declined and one stock remained unchanged.

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