By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market’s (DFM) general index managed to continue its rise on Wednesday, ahead of Britain's vote on European Union membership.
The general index gained 0.97% or 32.44 points to reach 3,375.87 points.
The consumer staples sector was the best performer after adding 4% amid the rise of Dubai Parks and Resorts.
The investment sector went up 2.03% as Dubai Investments closed higher.
The market maintained its rise as investors' fears over this week's Brexit vote were eased, in addition to a recovery in oil prices and global markets, according to capital market analyst Salam Saeed.
On the flipside, the banks sector led losers after falling 0.3%, pressured by Commercial Bank of Dubai (CBD) which slid 3.4%.
Trading volume increased to 213.63 million shares on Wednesday, compared to 104.71 million shares on Tuesday. Turnover grew to AED 307.88 million, compared to AED 184.89 million.
Expectations that Britain is more likely to stay in the European Union will support the market to continue its rise in the coming sessions and target 3,373 points, Saeed noted.
Translated by: Julian Nabil
