By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed its early negative performance on Wednesday, backed by selective purchases of blue chips topped by Dubai Islamic Bank (DIB) and Emaar Properties.
The general index rose 0.82% or 27.18 points to reach 3,360.91 points.
The banks sector topped gainers with a 2.24% increase, spurred by Emirates NBD and Dubai Islamic Bank (DIB) which added 3.32% and 2.72% respectively.
The real estate sector increased 1.06% as Union Properties (UP) and Emaar Properties grew 3.16% and 2.10% respectively.
Most portfolio investors tend to build new positions in blue chips especially in the banks and real estate sectors amid positive expectations for the upcoming OPEC meeting, according to capital market analyst Mohamed Ismail.
Trading volume reached 916.43 million shares on Wednesday, compared to 378.491 million shares on Tuesday. Turnover amounted to AED 1.22 billion, compared to AED 534.78 million.
Dubai bourse is expected to see gains on Sunday, Ismail said, adding that small investors should not increase their positions unless the main index breaks above 3,400 points.
Translated by: Julian Nabil
