By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Wednesday for the fourth session in a row, backed by the rise of blue chips led by Damac Properties and Arabtec Holding.
The general index reached 3,494.44 points after gaining rose 1.59% or 54.56 points, its highest gains since 7 June.
Dubai’s bourse was backed by the increase of positions especially in blue chips led by Damac Properties which aims to implement new projects, market analyst Mohamed Al Azmi told Mubasher.
Stocks reached good levels for purchasing, amid a noticeable improvement in some companies’ results, Al Azmi added.
The general index is moving upward and needs to stabilise above 3,480 points to attract strong purchasing power, Al Azmi explained.
The industrial sector added 10.5% as National Cement Co increased 10.5%.
The real estate sector went up 2.93% after Damac Properties and Arabtec Holding climbed 10.72% and 3.5%, respectively.
The transportation sector added 0.77% as Air Arabia and Aramex levelled up 0.97% and 0.94%, respectively.
On the other hand, the banks sector went down 0.08% as Emirates NBD sank 1.23%.
The market saw trading of 279.35 million shares through 4,753 transactions, with a turnover of AED 419.03 million.
Union Properties (UP) was the most active stock after trading 50.55 million shares. Arabtec was the value leader with a turnover of AED 95.62 million.
Translated by: Julian Nabil
