Gulf Arab investors carefully join buying spree (2)

14:45, July 12, 2010      

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On Sunday, Dubai witnessed a historical day as the trading from the international exchange Nasdaq Dubai migrated to the platform of the DFM. Nasdaq Dubai securities remain denominated in U.S. dollars while shares listed at the DFM will be traded in dirham, the currency of the United Arab Emirates (UAE).

"We are delighted to have achieved a successful migration to DFM's trading platform. This has been a joint effort involving many of our market participants and we are grateful for their support," said Jeff Singer, chief executive of Nasdaq Dubai.

"We now look forward to higher trading volumes in due course. Already several more UAE brokers have inquired today about how to become a member of Nasdaq Dubai," he added.

Nasdaq Dubai, a subsidiary of New York's market Nasdaq OMX, was launched in September 2005 and the DFM currently celebrates its 10- year anniversary. The FTSE Nasdaq Dubai UAE 20 Index closed at 1553.200 points Sunday, up 11.830 points, or 0.77 percent, from the previous close.

Abu Dhabi's market ADX ended unchanged at 2527.10 points. Union Cement Company jumped 5.63 percent to 1.56 dirham (0.42 dollar).

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