By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) main index inched up over the week, while the liquidity surged pushed by the stocks of both Drake and Scull international (DSI) and Emaar Properties.
The main index added 0.76% or 27.11 points to reach 3,591.10 points this week, after two successive weeks in decline.
During the week, 913.9 million shares were traded compared to 470.74 million last week, while trading value jumped to AED 1.4 billion, the highest level since 4 August 2017, from AED 808.21 million.
Blue chips pushed the market, led by DSI, which soared 13.24% after the success of the restructure programme.
The success of DSI’s restructure programme, to which many investors were looking forward, increased the buying of shares over the week and boosted the DFM’s main index, Mena Corp financial analyst Issam Kassabieh told Mubasher.
DAMAC Properties, Emaar Properties, Dubai Islamic Bank (DIB), and Dubai Investments added 2.63%, 1.06%, 0.9%, and 0.86%, respectively.
The market returned to the green zone on positive expectations concerning profits before the disclosure of the companies’ financial results, Kassabieh added.
Kassabieh expected that most of the real estate shares will see growth in the next week in anticipation of the increase in companies’ projects, especially Union Properties and Deyaar Properties.
The expected proactive purchasing in the market of used cars prior to the imposing of the valued added tax (VAT) will result in big leaps in the market in the next two months, Kassabieh concluded.
Translated by: Muhammad Abdul wakeel
