By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Thursday in the green, marking its first rise after four straight declines.
The general index grew 0.53% or 17.9 points to end the session and week at 3,412.26 points.
Turnover fell to AED 287.80 million from AED 371.53 million on Wednesday, while traded volume reached 158.75 million on Thursday down from 200.5 million in the previous session.
UAE bourses were able to rise on the back of selective purchases, a positive indicator despite the limited turnover, commented analyst Mohamed Al Azmi.
He attributed the weak trading to lower liquidity from institutions and market makers added to the continued profit-taking on some stocks.
The investment sector grew 1.57% after Dubai Investments gained 2.08%, while the transport added 1.5% after Air Arabia increased 0.7% to AED 1.31.
The real estate sector went up 0.38% on the back of Arabtec’s 4.6% rise to AED 2.73, while the banks sector added 0.34% after Dubai Islamic Bank (DIB) rose 1.64% to AED 6.2 after announcing a sukuk issue.
Emaar Properties, up 0.6% to AED 6.62, led the DFM in terms of value with AED 76.38 million after 11.53 million shares changed hands, while Ithmaar led in terms of volume with 33.57 million shares.
Al Azmi forecast that UAE bourses would rise next week amid improved turnover before the end of the financial disclosure period, when investors tend to build new positions.
Translated by: Nada Adel Sobhi
