Damas Shares Jump 13.1%

Dubai’s jewelry trader Damas surged up by 13.1% and closed at $0.19 today.

Boosted by a rising confidence among business leaders, the Dubai Financial Market (DFM) closed 0.94% higher at 1,528.40 points today. Even the Abu Dhabi Securities Exchange ADX joined most of the GCC markets by showing a positive debut of the new week by ending up 0.56% at 2,533.97 points.

Oil prices slipped below $74 a barrel on Friday after an unexpected fall in May retail sales in the United States, which renewed the growing concerns about the economic recovery in the world’s largest energy consumer market.

The Euro, which rose on last week, stalled at important resistance in the $1.2135-55 area, with a mixture of sellers and stop-loss buy orders expected above there.