DUBAI FINANCIAL MARKET

The Dubai Financial Market (DFM) index rose slightly yesterday as stability returned to global financial markets following Ireland's acceptance in principle of a bailout from the European Union and the International Monetary Fund.
"stability in global market is reassuring for the market, but it needs a local catalyst to move higher. The volume remained                                                                                low as the market lacked news."an analyst said.
The DFM index                                                                                 closed 0.5 per cent higher at 1,711.27
About 44.24 milli                                                                               on shares worth about Dh. 156.78 million were trade                                                                               d. The rise was mainly due to an increase in the sha                                                                              re prices of Emar, Arabtec, Hits Telecom, du, dfm                                                                               and air arabia.
About 12.9 million                                                                             shares of Emar, worth about Dh. 48.18 million were                                                                              traded, closing 1.35 per cent higher at Dh. 3.76.
Of the 24 compan                                                                              ies traded, 14 rose, 8 fell and 2 remained unchang                                                                              ed. The top gainer was ARMX, closing 4.90 per                                                                                 cent higher at Dh 2.14. Dubai Investment was the                                                                             e main loser, falling 2.7 per cent to close at Dh. 0.90.0
Analysts believe                                                                                 market participants are ascertaining how monetary                                                                                    policy tightening in China, the resuce package for                                                                                       Ireland and the Fed's monetary policy will impact Gulf                                                                                  equities. The expect the market to be range-bound in the                                                                             near term.