By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index rose on Wednesday on the back of selective buying trend, which pushed up most of the sectors.
The DFMGI grew 0.4%, or 13.45 points, to 3,345.66 points.
Portfolios’ tendency toward buying blue chips at attractive prices boosted the market on Wednesday, said capital market analyst Muhammad Saeed.
The UAE’s markets are expected to flourish after the New Year’s holiday, given the approaching annual financial results, Saeed added,
The expected generous dividends are one of the main factors behind the positive expectations regarding the stocks’ performance, he explained.
The services sector topped the DFM’s gainers, adding 3.4%, after Amanat Holdings surged 4.3% to AED 1.46, while the consumer staples sector gained 2.02%, after DXB Entertainments levelled up 2.06% to AED 0.643.
The investment sector increased by 1.42%, as Dubai Investments and the DFM Company went up 1.26% to AED 2.41 and 0.9% to AED 1.12, respectively.
The transportation sector added 0.8% after Air Arabia grew 1.64% to AED 1.24, while the real estate sector rose 0.3%, after Emaar Malls surged 2.9%.
The banks sector led the market’s losers, falling 0.3%, as Emirates NBD dropped 2.26% to AED 8.2.
The DFM’s trading volume soared 105.6% to 446.38 million shares from 217.08 million shares on Tuesday, while the market’s liquidity surged 60.4% to AED 598.97 million in the previous session, compared to AED 373.4 million.
Al Safwa Mubasher Trade declined 10% to AED 0.999, leading the DFM in terms of both trading volume and value, after 267.79 million shares were traded, with a turnover of AED 294.56 million.
Translated by: Muhammad Khalid
