By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Wednesday in the green backed by its leading stocks, particularly Emaar Properties and Arabtec Holding.
The DFMGI gained 0.28% or 9.88 points and closed at 3,505.70 points.
The DFM received notable support from the positive news and statements surrounding Arabtec’s results and Emaar’s dividend distributions, said analyst Mahmoud Diab.
The market’s gains came on the back of increasing positions in blue chips, which have reached attractive price levels, the analyst told Mubasher in a comment on the DFM’s performance.
The real estate sector led risers, adding 1.5% after Arabtec surged 10.8%, and Drake & Scull International (DSI) and Emaar gained 2.9% and 1.34%, respectively.
The transport sector increased 0.7% as Aramex grew 1.13%. The banks sector edged up 0.06% after Dubai Islamic Bank (DIB) added 0.17%.
Turnover increased on Wednesday to AED 414.65 million from AED 380.56 million on Tuesday, while traded volume rose to 340.11 million shares traded against 226.07 million.
The DFMGI needs to see further buying in order to surpass 3,550 points, Diab noted, indicating that falling below 3,400 points will prompt further losses towards 3,250 points.
The DFM is expected to continue its fluctuating performance on Thursday, the analyst added, expecting a decline towards 3,480 points.
Translated by: Nada Adel Sobhi
