By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) swung to the green, after a buying appetite was developed at close for mid-caps and blue chips led by Arabtec Holding.
The DFMGI levelled up 0.6% or 1.99 points to reach 3,386.62 points.
The market’s positive performance was mainly attributed to certain stocks standing at attractive price levels, in addition to recent recovery in gloal markets, capital market analyst Gamal Abdel Hamid told Mubasher.
Trading volume reached 899.74 million shares last Thursday, compared to 698 million shares on Sunday.
Turnover stood at AED 1.01 billion, compared to AED 920.9 million.
Arabtec was the most active stock after rising 6.8% to AED 1.7, with AED 192.8 million turnover generated from trading of 318.8 million shares
The market’s high liquidity was backed by position-building and positive speculative trades on some small and mid-caps like Union properties, Amlak Finance and Dubai Investments, Abdel Hamid added.
The telecom sector rose 0.9% due to an increase in du by 0.9%.
The banks sector advanced 0.12% as Commercial Bank of Dubai (CBD) went up 1.7% and 1.3% in a row.
The real estate sector declined 0.14% after Emaar Malls Group and Emaar Properties fell 2.7% and 1.4%, respectively.
This performance comes in line with an earlier forecast by the analyst that the DFM will maintain its upward trend, but missed his expectation that the index to break above 3,420 points.
Translated by: Julian Nabil
