By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index rose on Tuesday for the third successive session amid higher liquidity.
The DFMGI added 0.32% or 11.25 points to 3,488.99 points.
The increases in the DFM on Tuesday came in line with the growth of the market’s turnover and the addition of new companies to the MSCI Emerging Market Index, financial analyst Manaf Almallouhi told Mubasher.
Dubai Investment's stock jumped 4.2% to AED 2.49 on the back of the announcement that it was added to the MSCI EM index.
DAMAC grew 1.4% to AED 3.7, while both DFM Company and Air Arabia levelled up 0.8% each.
GFH Group went up 4.6% and topped the DFM in terms of trading value, with a turnover of AED 200.19 million, after 126.34 million shares were traded.
The positive performance of the neighbouring markets, especially the Saudi bourse, changed investors’ impression about the stocks after the geopolitical tension impact mitigated, Almallouhi added.
GFH Group’s stock growth is a correction following big declines in the previous sessions, the analyst noted.
The DFM’s trading volume more than doubled to 430.94 million shares from 186.04 million shares on Monday, while the market’s turnover surged to AED 670.34 million, compared to AED 567.15 million in the previous session.
The DFMGI will keep ascending toward 3,525 points in the coming sessions, which is a strong and important level, Almallouhi concluded.
Translated by: Muhammad Khalid
