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They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
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Dubai Financial Market Shares Advance
DUBAI — Dubai shares advanced on Wednesday as investors picked up recently battered issues, but lingering worries about the economy kept a lid on gains.
The Dubai Financial Market Index rose 1.57 per cent or 27.41 points to 1,771.32.
“There has been some optimism across global financial markets since the beginning of the New Year and the good sentiment is trickling down to the UAE market,” said Rami Sidani, Head of MENA Investments at Schroders Investment Management.
Trading in both markets was range-bound, with retail investors again dominating the volatile market.
“Investors will continue to lock in small gains until they are more confident about the medium to long term earnings potential of the companies,” said Matthew Wakeman, managing director of cash and equity-linked trading at EFG-Hermes.
“There are certainly buyers into weakness and that is helping to improve volume and restore retail investor sentiment.”
Emaar Properties gained 3.16 per cent to Dh 2.62. Union Properties also advanced 3.79 per cent to Dh0.87. The other big gainer is Shuaa Capital, shares in the country’s biggest investment company jumped 14.5 per cent to Dh1.50. Dubai’s rally will be difficult to sustain unless there is some major improvement in the overall economic outlook, said Sidani.
Most economists have predicted the UAE economy will contract in the first half of 2009 on unstable oil prices and a slump in real estate.
· rocel@khaleejtimes.com
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