By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Thursday, the last trading session of 2016, in the green, resuming gains after two straight losses, backed by improved performance in the banks, investment and real estate sectors.
The DFMGI gained 0.32% or 11.17 points and closed at 3,530.88 points.
The banks sector led risers, adding 0.26%, as Dubai Islamic Bank (DIB) increased 0.54%, while the investment sector edged up 0.08% after Dubai Investments added 0.42%.
The real estate sector was up 0.08% after DAMAC gained 2.4%.
Commenting on the DFM’s performance today, technical analyst Salam Saeed told Mubasher that selective purchases have returned to the market, with some investors increasing their positions in stocks with high returns.
“Oil maintaining its position above $50 per barrel and the approach of the implementation of the OPEC deal to reduce production, also helped the market rise,” he added.
DAMAC’s high returns were one of the reasons investors exited Emaar’s stock, whose returns aren’t expected to exceed 22%, the analyst added.
Emaar Properties shed 0.14% today, after11.63 million shares were exchanged, generating a turnover of AED 82.29 million.
Turnover on the DFM reached AED 729.256 million, up from AED 619.09 million on Wednesday, while traded volume reached 488.29 million shares up from 397.75 million the day before.
The consumer staples sector was the sole loser, falling 0.76% after DXB saw a similar decline.
“It is expected that the DFM will extend its gains next week with the emergence of new buying activity,” Saeed said.
Translated by: Nada Adel Sobhi
