By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a bullish performance on Wednesday, backed by selective purchases and the buildup of new positions.
The DFMGI added 0.81% or 28.23 points to reach 3,530.59 points.
The consumer staples sector led gainers after adding 5.08% as DXB Entertainments went up 6.11%. The transportation sector also grew 3.4% due to an increase in Aramex by 7%.
The banks sector levelled up 1.66% as Emirates NBD and Dubai Islamic Bank (DIB) gained 2.09% and 2.04%, respectively.
Blue chips pushed the market to close higher, despite its fall below 3,490 points in Wednesday’s opening session due to selling pressures on Emaar’s stock, Raed Diab, vice president of the investment research department in KAMCO, told Mubasher.
The real estate sector sank 0.38% as Emaar Properties fell 0.4%. However, Arabtec Holding added 1.42%.
Investors are monitoring the performance of global markets, and waiting for Arabtec’s coming steps related to its financial position, Diab added.
The real estate developer’s board will meet Sunday, 12 March, to review the company's business continuity, as well as the latest updates related to the capital restructuring programme.
Trading volume of the DFM reached 381.99 million shares on Wednesday, compared to 228.26 million shares on Tuesday. Turnover amounted to AED 625.39 million, compared to AED 407.33 million.
The DFMGI will be able to reach 3,620 points if it breaks above 3,560 points, the analyst noted, adding that the main index will fall to 3,400 points if it closes below 3,490 points.
Translated by: Julian Nabil
