Dubai market recovers 1.30%

06/04/2011 00:00 AST

Thanks to a strong "home run" during the last hour of trading, the DFM General Index closed 1.30% higher at 1,557.64. On Tuesday, five-year credit default swaps for Dubai sovereign bonds decreased to 380 basis points, the lowest level since November 2008. Aabtec Construction surged 3.61%, closing at Dhs1.72%. Shuaa Capital ended flat at Dhs1.12. Earlier in the day the Dubai-based investment bank that its Chief Financial Officer David Deards stepped down on April 5th with a successor yet to be appointed. In 2010 Shuaa halved its losses to $61m from $144.2m in 2009. Shares of Emaar Properties dipped 0.32%, finishing at Dhs3.16. Some 101.38m stocks valued at Dhs164.1m changed hands. Seventeen stocks gained, seven closed lower and two closed flat.


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