By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) on Monday closed in the green, achieving its highest level in five weeks, supported by the increase in major stocks, in line with the opening of Cityscape Global 2017 event.
The general index rose 0.18% to 3654.04 points, which is the highest level since the beginning of August 2017.
The telecommunications sector led gainers with 2.2% after its stock du saw a similar rise.
The investment sector added 0.8%, backed by SHUAA Capital with 2.5% following the announcement of a new project, while Dubai Investments grew 0.8%.
The rise in speculative transactions helped the DFM see a positive performance, Waddah Al Taha, member of UAE National Advisory Board, Chartered Institute for Securities & Investments (CISI) said.
Cityscape Global, which began earlier in the day in Dubai, boosted the market's active performance, Al Taha told Mubasher, noting that projects announced at the exhibit will not directly influence the financial results of the listed companies.
The DFM's traded value increased to AED 295.5 million on Monday from AED 188.99 million on Sunday, after 262.94 million shares were exchanged versus 223.84 million shares.
The current activity might not continue until the end of the week, due to the absence of market-moving real catalysts added to the low liquidity levels, Al Taha predicted.
Translated by: Mohammad Shokhba
