By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index grew 0.33% to close at 2,964.13 points in the week ended 31 May on the back of the UAE cabinet's recent decisions on the foreign shareholding limit and residency.
Earlier in May, the UAE government announced new decisions, enabling foreigners to have a 10-year visa and to own up to 100% of local companies.
Trading is still not active, which is typical in sessions held during Ramadan and summer vacations, MindCraft Consultants’ CEO Fadi Al Ghattis told Mubasher.
Markets will see active trading again after the Eid Al-Fitr holiday and shortly before the disclosure of UAE-listed companies’ financial statements for the second quarter of 2018, Al Ghattis added.
The banks sector added 1.96% after Dubai Islamic Bank (DIB) surged 6.06%, during the week, to AED 5.07, while the investment sector rose 0.84%, as Dubai Investments and Shuaa Capital increased to 0.98% and 0.9%, respectively. Emaar Properties gained 0.19% to AED 5.2.
The DFM’s trading volume reached 892.53 million shares, while the market’s liquidity hit AED 958.73 million.
Translated by: Muhammad Khalid
