By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index rose on Thursday on the back of blue chips.
The DFMGI grew 0.14%, or 4.78 points, to 3,463.57 points.
The consumer staples sector added 2.34% after DXB Entertainments gained 2.5% to AED 0.69.
The telecommunications sector and its only stock du increased by 2.14% each.
The UAE’s markets are seeing a big stock collection trend, given that the stocks reached attractive prices, which boosted the stock markets today, said Mohab Maher, Mubasher Financial Services’ (MFS) senior sales trader.
The banks sector’s stocks, some blue chips in the investment market, and Emaar Properties’ stock were the most collected stocks in the DFM, Maher added.
The investment sector went up 0.6% after the DFM Company levelled up 0.8% to AED 1.15, while the banks sector rose 0.24%, as GFH Group increased by 2.63% to AED 1.56 and Dubai Islamic Bank (DIB) added 0.64%.
Emaar Properties grew 0.14% to AED 7.41, while Emaar Development levelled up 0.36% to AED 5.51.
Positive expectations regarding Emaar Group's results adding to the extraordinary dividends help to push up the stocks, resisting selling pressure, Maher continued.
On the other hand, the services sector led the DFM’s losers, shedding 0.94% after Amanat Holdings lost 1.4% to AED 1.43.
The DFM’s trading volume surged 20.4% to 389.28 million shares from 323.27 million shares on Wednesday, while the market’s liquidity soared 34.2% to AED 591.84 million, compared to AED 441 million in the previous session.
GFH Group's stock was the most actively-traded stock on the market with 97.04 million traded shares and a turnover of AED 150.35 million.
The DFM will maintain a good performance in the coming week, the analyst concluded.
Translated by: Muhammad Khalid
