By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Wednesday, backed by selective purchases of blue chips.
The main index rose 1.8% or 59.20 points to reach 3,349.96 points.
The bourse’s gains were backed by positive speculations on blue chips, in line with the rise of US stock markets and oil prices, according to capital market analyst Fawzi Abdulla.
The real estate sector was the best performer after adding 2.7%, backed by Arabtec Holding and Emaar Properties which gained 14.4% and 1.36% respectively.
The investment sector went up 2.4% after DFM Company and Dubai Investments increased 6.2% and 1.8% respectively.
The banks sector advanced 1.95% as Amlak Finance and Dubai Islamic Bank (DIB) advanced 11.5% and 1.8% respectively.
On the flipside, the services sector was the worst performer after falling 2.01% as Amanat Holdings retreated 4.08%.
Trading volume reached 890.81 million shares on Wednesday, compared to 1.48 billion shares on Tuesday. Turnover stood at AED 1.17 billion, compared to AED 1.9 billion.
The DFM is expected to maintain its rise on Sunday, Abdulla said, adding that small investors should increase positions especially in the small and medium caps which reached attractive price levels.
Translated by: Julian Nabil
