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Sun 27 May 2007 11:58 AM

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Foreign investments hit $660mn

The value of shares from non-UAE nationals comprised 34% of all traded stocks last week.

The value of shares bought by foreign investors - non-UAE nationals - reached AED 2.418 billion ($658 million) last week, Dubai Financial Market (DFM) said yesterday.

The shares comprised 34.4% of the total value of stocks traded during the third week of May.

During the same period, foreign investors sold AED2.269 billion ($618 million) worth of stocks - about 32% of all traded stocks.

Net foreign investment on the market reached AED150 million ($40.8 million) last week.

Last week DFM, which went public in November with a $435 million offering, said it would earn as much as AED1.2 billion ($327 million) this year.

The bourse has over 580 million shares exchanging hands for over AED1.7 billion ($463 million). DFM shares have so far risen 16% this month.

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