By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index closed in the green on Monday, pushed by the increase in liquidity.
The DFMGI went up 0.18%, or 6.2 points, to 3,355 points.
The transportation sector led the market’s gainers, rising 1.8%, after Gulf Navigation surged 5.4% to AED 1.37, while Aramex soared 3.2% to AED 4.2.
The banks sector grew 0.9%, pushed up by Emirates NBD, which increased by 3.6%, while Mashreq Bank gained 1.4%.
The investment sector added 0.11%, as SHUAA Capital levelled up 1.68% to AED 1.21.
On the other hand, Khaleeji Commercial Bank led the market’s losers, falling 9.9% to AED 1.36.
Emaar Properties shed 1.13% to AED 6.98, while Emaar Malls lost 0.9% to AED 2.05.
Some stocks were cherry-picked by investors, especially GFH Group, which increased the DFM’s liquidity, Mena Corp financial analyst Issam Kassabieh told Mubasher.
The increase in trading on the DFM took place amid positive expectations regarding the companies annual results, Kassabieh added.
The DFM’s trading volume dropped 27% to 308.12 million shares from 420.87 million shares on Sunday, while the market’s turnover more than doubled to AED 386.74 million, compared to AED 181.07 million in the previous session.
GFH Group rose 1.3% to AED 1.58 and was the most actively-traded stock on the DFM in terms of liquidity, with a turnover of AED 95.77 million.
Meanwhile, Union Properties (UP) surged 3.3% to AED 0.93 and topped the market in terms of the trading volume, after 93.18 million shares were traded, generating AED 86.14 million.
The stock market stability during the previous sessions can be attributed to the investors’ willingness to keep the stocks that had reached attractive prices, Kassabieh continued.
Blue chips, which are expected to yield big profits – and therefore, big dividends, may see higher numbers of buying transactions in the coming sessions after the New Year’s holiday, the analyst continued.
Translated by: Muhammad Khalid
