Dubai – Mubasher: DXB Entertainments’ stock led the Dubai Financial Market (DFM) during Wednesday’s trades, registering its highest gains in a month or since 23 November on the back of strong investor buying ahead of the company’s announcement of its annual results for 2017.
By 11:50 am UAE time, DXB’s stock jumped 5% to AED 0.680, its highest level in almost two months. Turnover on the stock amounted to AED 24.77 million after 37.3 million shares changed hands through 240 transactions.
Commenting on the stock’s activity, market analyst Mohamed Al Azmi told Mubasher that UAE stocks in general, and DXB’s in particular, have fallen to attractively low prices.
What we are seeing in the market is strong speculation before DXB announces its results for 2017, he added
The analyst forecast that DXB’s results will see some improvement after the company reduced its expenses.
DXB’s stock will target AED 0.710, Al Azmi further noted, indicating that passing this level will enable the stock to rise to the levels of AED 0.750 and AED 0.800.
In the meantime, the DFMGI grew 0.88% or 30.04 points to 3,441.21 points.
