By: Mahmoud Gamal
Mubasher: The stock of Dubai Financial Market (DFM) rose by 2.2% to AED 1.36, achieving AED 60.5 million worth turnover by 11:30am UAE time.
The positive performance followed the disclosure of the financial statements of the fourth quarter of which profit came 406.5% higher from the same period in 2015.
DFM Company achieved AED 78.5 million worth earnings in Q4-16 as compared to AED 15.5 million in Q4-15.
The company’s profits came better than expectations which said profits would reach AED 50 million, capital market analyst Mahmoud Ziad said.
The stock succeeded in attracting institutional traders and portfolio investments during the past period, capital market analyst Majed Al-Harby said.
The stock has strong purchasing trend which may back it to rose to AED 1.37 and AED 1.4 respectively, technical market analyst Fahd Hemdan said.
