By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive performance in the third week of June, spurred by the rise of blue chips especially Emaar Properties and Arabtec Holding.
The main index increased 1.8% or 59.9 points to reach 3,367.64 points.
Oil price recovery pushed speculators to increase their positions, thus leading the market to rise despite investors’ caution ahead of Brexit referendum, capital market analyst Abdullah Al Hosni told Mubasher.
The consumer staples sector was the top gainer after adding 6.8%, backed by the growth of Dubai Parks and Resorts.
The real estate sector advanced 2.7% as Emaar and Arabtec went up 2.5% and 1.45%, respectively.
Turnover amounted to AED 640.35 million this week, compared to AED 913.71 million a week earlier. Trading volume reached 957 million shares, compared to 1.3 billion shares.
Dubai bourse is in need for medium and long-term investments as its current liquidity is still weak, Al Hosni explained.
Al Hosni expected the market’s liquidity to remain unchanged in the coming sessions as portfolio investors await the result of Brexit referendum.
Translated by: Julian Nabil
