By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) was stable at the closing of Monday’s session at 3,657.48 points on the back of increased turnover after stocks recently fell to attractive prices.
The insurance sector added 1.97% after Salama jumped 6% amid increasing forecasts of Emirates NBD’s acquisition of a 33% stake in the insurance company.
The rise in the UAE markets’ liquidity along with increases in most stocks has helped indices remain stable, Eyad Al Bariqi, director general of Al Ansari Financial Services, told Mubasher.
Speculation on low-priced stocks such as Salama, Union Properties (UP), ANN Digital, and Deyaar Properties dominated Monday’s session, Al Bariqi commented.
The DFM’s trading volume rose to 580.3 million shares from 416.86 million shares on Sunday, while liquidity increased to AED 644.4 million through 6,508 transactions from AED 531.73 million.
The transportation sector increased by 0.9% after Air Arabia added 2.4% in line with the optimistic outlook for its financial results.
The real estate sector inched up 0.07% after Deyaar Properties jumped 3.5%, while Emaar Malls, Union Properties, and DAMAC Properties rose 1.3%, 0.9%, and 0.5%, respectively.
Al Bariqi expected that the market can maintain the positive performance and the continued upward improvement in prices in the next sessions, noting that the rise in oil prices has also contributed to the market’s positive performance.
Meanwhile, Rabaa khssibi, head of analysis at Capitol Academy, projected that the DFMGI would rise on the medium-term to 3,760 points.
Translated by: Muhammad Abdulwakeel
