Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Wednesday, backed by the rise of banks and real estate stocks.
The general index rose 0.74% or 26.78 points to reach 3,637.55 points.
The market needs more catalysts and liquidity, Raed Diab, vice president of the Investment Research Department at KAMCO, told Mubasher.
The main index should break above its first resistance level at 3,640 points to attract investors, Diab added.
The real estate sector rose 0.95% as Damac Properties, Deyaar Development, Arabtec Holding, Drake and Scull International (DSI), and Union Properties (UP) went up 3.32%, 1.36%, 0.95%, 0.26%, and 0.23%, respectively.
The banks grew 0.91% after Emirates NBD, GFH Financial Group, and Dubai Islamic Bank (DIB) went up 1.92%, 1.12%, and 0.83%, respectively.
The market generated AED 215.96 million from the exchange of 116.06 million shares through 2,499 transactions.
DFM Company was the most active stock after trading 15.05 million shares, while Emaar Properties was the value leader with a turnover of AED 55.15 million.
The market saw a wave of declines after tensions over North Korea’s missile launch over Japan, Diab noted.
