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Markets end 2010 in positive mood in UAE

CLOSING BELL: As the closing bell sounded on the UAE bourses for 2010 markets in Abu Dhabi and Dubai ended with a flourish.

The honours on the final day of trading in 2010 went to Emaar Properties which saw its shares rise to the highest in a week after announcing its partnership with Emirates Healthcare to operate clinics in Dubai.

Shares of Emaar rose 2.8 per cent to Dh1.04. Other property stocks rose as optimism after Nakheel said it received funds from the Dubai government to repay Islamic debt maturing in January. Drake and Scull International, the Dubai based contractor changed hands the most, moving almost 1 per cent higher to Dh1.04 a share.

"There was a lot of buying activity today ahead of the new year," said Amied Kanaan, the general manager at Al Jazira Financial Services in Dubai.

Dubai Financial Market Company, the Arab world's only listed exchange gained 0.6 per cent to Dh1.51 a share. The Dubai Financial Market General Index moved half a per cent higher to 1630.

Shares on Abu Dhabi Securities Exchange General Index rose 0.6 per cent to 2719.87. The most active stock by volume was Aldar Properties, developer of the Yas Island and Ferrari world, gaining 1.3 per cent to Dh2.28. Sorouh Real Estate 0.6 per cent Dh1.63.

Elsewhere in the region, Kuwait's measure dipped 0.1 per cent to 6955.50. Bahrain's index gained 0.3 per cent to 1432.26. Oman's index gained 0.1 per cent to 6754.92. Qatar's measure gained 0.2 per cent to 8681.65. The Saudi Tadawul All-Share Index was closed for the weekend.

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