By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Thursday for the second session in row, backed by profit-taking on blue chips following the merger news of GFH and Bank Al Khair.
The general index increased 1.8% or 62.95 points to reach 3,558.68 points.
Dubai bourse was backed by speculations on blue chips, following the news that First Gulf Bank (FGB) and Abu Dhabi National Bank of Abu Dhabi’s (NBAD) shareholders approved the merger between both entities, market analyst Mohamed Al-Azmi told Mubasher.
The consumer staples sector topped gainers with a 4.04% rise, backed by Marka which grew 9.09%.
The banks sector increased 2.33% as Dubai Islamic Bank (DIB) went up 1.07%. The real estate sector laso advanced 1.5% after Emaar Properties grew 2.5%.
The banks stocks saw significant purchases on the back of merger news, the analyst added.
Most investors, especially foreigners, focused on some blue chips topped by Emaar Properties and Dubai Islamic Bank (DIB), Al-Azmi explained.
The investment sector rose 0.5% as Dubai Investments and DFM Company levelled up 2.18% and 1.3% respectively.
The market saw trading of AED 1.47 billion through 10,700 transactions, with a turnover of AED 1.47 billion.
Dubai’s main index is expected to continue its attempt to break above 3,590-3,630 points, the analyst noted.
Closure of the DFMGI above 3,550 points reduces the risk of moving below 3,300 points, Al-Azmi said.
Translated by: Julian Nabil
