Emaar's false alarm sends Dubai Financial Market soaring briefly

Emaar swept Dubai Financial Market by surprise at the beginning of yesterday's session, driving the general index to more than 4195 points, as investors rallied to buy the share on news that the company is intending to buy a 10 per cent share in Jordan's Arab Bank.
Emaar's denial came to shatter investors' enthusiasm and induce a sell-off trend, that the trade was suspended shortly, though the price found a strong support level at Dh12.90 to close unchanged at Dh13.10.

The general index gained 0.52 per cent to close at 4194.27 points, while Amlak continued its decline to lose 4.6 per cent and close at Dh3.98. however, the strong gains of 4.8 per cent by Emirates Bank International (EBI) balanced the market. In Abu Dhabi, the benchmark lost a minute 0.03 per cent to close at 2954.07 points. The value of traded shares was relatively low at Dh55.2 million, with Etisalat accounting for a 17.2 per cent share.