By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) managed to make up for some of its early losses, but nevertheless closed Thursday’s trading session in the red zone, backed by the rise of investment and real estate stocks.
The DFMGI decreased 1.02% or 37.02 points to reach 3,583.66 points.
The market managed to hold on purchases of mid-caps and some dual-listed stocks, according to capital market analyst Gamal Mosaad.
The industrial sector rose 6.9% as National Cement Co grew 6.9%. The transportation sector also added 1.14% as Air Arabia levelled up 3.3%.
The real estate sector grew 0.64% after Emaar Malls Group (EMG), Emaar Properties, and Damac Properties climbed 1.13%, 0.53%, and 0.34%, respectively.
The investment sector levelled up 0.7% due to an increase in Al Salam Bank - Bahrain, Dubai Investments, and Gulf General Investment Co (GGICO) by 1.3%, 1.2%, and 1.01%, respectively.
Speculators tended to trade on stocks with a value less than AED 1, the analyst noted.
The banks sector led losers with a 4.6% decrease as Dubai Islamic Bank (DIB) slid 9.25%.
The consumer staples sector retreated 3.7% due to a decline in DXB Entertainments by 3.7%.
Trading volume reached 360.05 million shares on Thursday, compared to 245.72 million shares on Wednesday. Turnover amounted to AED 642.98 million, compared to AED 518.5 million.
Portfolio investors are likely to increase their positions in small- and mid-cap stocks which reached attractive price levels this week, Mosaad concluded.
Translated by: Julian Nabil
