By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Monday at a rise on the back of continued selective buying and some positive speculations on blue chips, particularly Emaar Properties.
The DFMGI grew 0.17% or 5.89 points to close the session at 3,371.78 points.
Commenting on the DFM’s performance, Hani Kounqar, team leader of regional trading at Mubasher Financial Services (MFS), said that Monday’s gains were mainly attributed to Emaar Properties’ stock, which was among the market’s top gainers.
Emaar Properties’ extended rise on Sunday and Monday coincided with forecasts that the company will distribute “good” dividends this year, the analyst told Mubasher.
The real estate sector added 0.34% after Emaar Properties grew 0.86% to AED 7.03, while Emaar Malls increased 0.5% to AED 2.14.
Emaar Properties’ positive performance this week comes after its sharp drop last week, the analyst added.
Meanwhile, the investment sector added 0.12% after SHUAA Capital increased 1.68% to AED 1.21.
On the other hand, the transport sector shed 0.13% after Gulf Navigation lost 2.22% to AED 1.32.
UAE bourses have begun taking in the geopolitical effects and are likely to see relative stability over the course of the week, Kounqar noted, indicating that liquidity levels remain low, as foreign investors are not trading as normal ahead of the Christmas holidays.
The DFM’s turnover rose 27% to AED 356.84 million on Monday from AED 281.79 million on Sunday, while traded volume increased 20% to 191.4 million shares versus 159.64 million.
Drake & Scull International’s (DSI) stock was the most active in terms of value and volume, generating AED 129.38 million after 58.82 million shares changed hands. DSI’s stock ended unchanged at AED 2.23.
Kounqar forecast that UAE bourses will maintain their current pace during the remaining session of the week and most likely till the end of the year as a number of portfolios prefer to exit the market temporarily until annual results and dividends are announced.
Translated by: Nada Adel Sobhi
