By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive performance in July, amid speculations on blue chips which reached attractive price levels.
The general index gained 5.23% or 173.22 points to reach 3,484.32 points.
Speculators' selective purchases of low-priced blue chips alongside the entrance of institutional liquidity contributed to the market's gains in July, financial analyst Mohannad Diack said.
The transportation sector topped gainers after adding 12.5% as Aramex and Air Arabia advanced 26.54% and 10.7% respectively.
The real estate sector gained 6.13% as Arabtec Holding grew 6.6%. Likewise, the banks sector levelled up 4.2% after Dubai Islamic Bank (DIB) and Emirates NBD lost 5.7% and 5.5% respectively.
The investment sector advanced 3% as DFM Company and Dubai Investments went up 4.7% and 2.9% respectively.
Market capitalisation rose by 3.4% or AED 11.65 billion to reach AED 338.59 billion in July, compared to AED 326.94 billion in June.
Turnover reached AED 7.5 billion shares in July, compared to AED 6.85 billion shares in June. Trading volume stood at 4.7 billion shares, compared to 5.2 billion shares.
Trading activity declined especially in the last week of July, in line with the tendency of most investors to liquidate their stocks amid anticipations of second-quarter financials, Diack noted.
Translated by: Julian Nabil
