By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) extended its rise on Tuesday, marking its eighth straight gain, on the back of selective purchases on leading stocks particularly banks and real estate.
The DFMGI grew 0.38% or 13.28 points to close the mid-week session at 3,503.44 points.
Tuesday’s session saw selective buying by investment portfolios on leading stocks, which are likely to see good cash dividend distributions, Mohab Maher, senior sales trader at Mubasher Financial Services (MFS), commented.
The transport sector led risers, adding 1.6% after Air Arabia grew 3.2% to AED 1.29, while the banks sector added 1.02% on the back of Dubai Islamic Bank’s (DIB) 1.7% gain to AED 6.49, after the bank announced plans to carry on with its expansions.
The services sector increased 0.8% after Tabreed went up 2.47% to AED 1.91, while the insurance sector edged up 0.06% on the back of AMAN’s 2.6% rise.
The real estate sector inched up 0.01% after Emaar Development gained 1.8% to AED 5.77, while Arabtec and DAMAC grew 0.3% each.
Despite the gradual rise seen in the previous sessions, UAE stock prices are still attractive, Maher told Mubasher, but added that portfolios were beginning to trade cautiously as they await full-year 2017 financial results and their subsequent dividend distributions.
On the flipside, the consumer goods sector fell 1.5% after DXB Entertainments shed 1.6% to AED 0.695, following a sharp rise in the previous sessions.
Turnover declined 33% on Tuesday to AED 417 million from AED 620.61 million on Monday, while traded volume dropped 42% to 275.16 million shares traded versus 424.74 million.
GFH’s stock, down 1.3% to AED 1.54, was the most active in terms of value and volume with AED 52.72 million and 33.79 million shares, respectively.
Translated by: Nada Adel Sobhi
