By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Wednesday on the back of blue chips, especially Emaar Properties and Arabtec Holding, which closed higher.
The DFMGI rose 0.2% or 7.42 points to reach 3,725.93 points.
Active trading on blue-chip and mid-cap stocks pushed the market to see “slight” gains on Wednesday, market analyst Mohamed Al-Azmi said.
Speculators focused on insurance stocks and those of dual-listed Kuwaiti firms which saw an active trading, the analyst added.
The insurance sector was the best performer with a 2.66% rise as Dubai Islamic Insurance and Reinsurance Co. (AMAN) and Dar Al Takaful grew 9% and 7.02% respectively.
Dual-listed Kuwaiti stocks were among top gainers like Hits Telecom and Ekttitab Holding which climbed 13.3% and 6.01% respectively.
The real estate sector increased 0.53% as Emaar Properties and Arabtec Holding grew 1.5% and 0.7% respectively.
The banks sector went up 0.06% after Dubai Islamic Bank (DIB) rose 0.16%.
On the flipside, the services was the worst performer with a 1.2% decline as Amanat Holdings slid 1.64%.
Turnover stood at AED 851.62 million on Wednesday, compared to AED 1.06 billion on Tuesday. Trading volume reached 659.93 million, compared to 592.86 million.
Lack of internal catalysts did not help the main index break an important resistance at 3,800 points, Al-Azmi noted.
Translated by: Julian Nabil
