By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance for the second month in July, amid investors’ higher purchases.
The main index added 7.11% or 241.2 points to reach 3,633.18 points.
The markets’ performance was very good and beat expectations in July despite calm trades witnessed during the period, according to Jamal Ajaj, director of the Sharhan Center for Shares and Bonds.
The real estate sector topped gainers with a 9% rise as Damac Properties, Arabtec Holding, and Emaar Properties went up 37%, 20.6%, and 6%, respectively.
Trades on blue chips like Emaar rose after positive news that the company is preparing to launch the initial public offering (IPO) of its real estate development business by November, Ajaj noted.
The banks sector went up 5.05% as Dubai Islamic Bank gained 6.66%. The insurance sector climbed 5.7% as Salama grew 1.5%.
Some small caps and dual-listed stocks, especially listed on the insurance sector, saw active trades, Ajaj said.
Trading volume reached 4.07 billion shares on Tuesday, compared to 4.99 billion shares on Monday. Turnover amounted to AED 6.03 billion, compared to AED 5.89 billion.
Translated by: Julian Nabil
