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Dubai financial market fails to sustain New Year's momentum

Updated:2010-01-11 10:15:26

The Dubai Financial Market (DFM)fell on Sunday by 1.24 percent and closed at 1,814.33 points, failing to sustain its positive momentum from the first days of trading in 2010.

During the first trading week of January, the DFM Index gained 1.86 percent, lifted mainly by market bellwether Emaar.

However, Emaar, the real estate developer of the recently opened world's tallest tower Burj Khalifa, formerly known as Burj Dubai, dropped on Sunday by 2.47 percent, falling below the psychologically important mark of 4 Dirham.

At Dubai's international exchange Nasdaq Dubai, shares of Dubai Ports (DP) World rose by more than 12 percent since Wednesday, when the world's fourth largest port operator announced to list its shares also at the London Stock Exchange.

DP World is a subsidiary of the state-owned conglomerate Dubai World, which seeks a standstill on some 22 billion U.S. dollars of debts.

 

 

Source:http://news.xinhuanet.com

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