By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) has continued its sideways performance on Wednesday, closing near stable after the general index edged down 0.03% to 3,634.72 points.
This stable performance was due to investors holding back ahead of Emaar Development’s initial public offering (IPO) which is set to begin on Thursday, 2 November on the DFM.
Emaar Development is set to list around 800 million shares from its total 4 billion issued shares. The retail investors tranche for the IPO will begin on 2 November and end on 13 November, while the institutional tranche will begin on the same day but end on 15 November.
The benchmark DFMGI did not succeed in maintaining Tuesday’s gains, said UAE market analyst Razan Shahwan, noting that there is a strong need for new and strong catalysts such as more companies’ financial results.
Several blue chips suffered selling pressures on Wednesday, led by DAMAC Properties, which lost 0.76% to AED 3.92. Dubai Investments and Dubai Islamic Bank (DIB) shed 0.38% and 0.33%, respectively.
The DFM saw a turnover of AED 163.17 million after 82.51 million shares changed hands through 1,968 transactions.
Translated by: Nada Adel Sobhi
