DUBAI, United Arab Emirates, Aug. 29 (UPI) -- The Dubai Financial Market canceled trades made Sunday in shares of Dubai Islamic Bank because of evidence shares allegedly were manipulated.
The market, in a statement with the Emirates Securities and Commodities Authority, said Monday that most of Sunday's transactions were carried out by two investors who made "phony deals," Middle East Newsline reported Monday.
Advertisement
Market sources said the rise in demand for Dubai Islamic Bank started with a rumor that the bank was about to float a rights issue.