DFM falls below 1,500

While most GCC markets rebounded on Wednesday, the Dubai Financial Market (DFM) slipped below 1,500 number and closed 0.98% lower at 1,487.93 points.

The top construction and real estate shares including market heavyweights Emaar Properties (down 2.27% at Dhs3.01) and Arabtec (2.63% lower at Dhs1.85) wiped out all hopes for a recovery as a reaction to strong gains at the US markets in New York on Tuesday. Logistics specialist Aramex bucked the bearish sentiment and ended 1.37% higher at Dhs1.48. Overall, turnover and volumes declined both by 28% as no corporate news was published ahead of the earnings season for the second quarter 2010.