With Arabtec Construction (up 3.48% at Dhs3.57) and Emaar (gaining 2.83% at Dhs3.27) rising further, the Dubai Financial Market General Index (DFMGI) closed a roller coaster trading session 0.57% higher at 1,703.30 points Wednesday, ending a four-week long sideways period. Depsite dull Asian and European markets, investors were still euphoric about Abu Dhabi's sovereign wealth fund decision from Tuesday to double its stake in Arabtec to 10.45%. Construction maintenance firm Drake and Scull International or DSI tumbled 1.90% to cose at Dhs1.03. Earlier in the day, Gulf News reported DSI's Chief Financial Officer Osama Hamdan said the firm regarded the market's share valuation as 'unfair'. The DSI CFO appealled to investors to distinguish between the Eurozone debt crisis and DSI's proactive policy to expand to foreign and stable markets like India or Algeria. Market breadth ended in the red as eight shares advanced, while 16 declined. Bollinger Bands narrow around the rising DFMGI chart, usually a bullish signal. Around 275m shares were traded, valued at Dhs587m.
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