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Dubai cancels bank share dealings

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.

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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.

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