By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday in the green, backed by a sharp increase in Emirates NBD’s stock as well as gains on the various Emaar stocks listed on the bourse, despite some profit-taking.
The DFMGI grew 0.97% or 30.47 points to close the first session of the week at 3,187.92 points.
Commenting on the DFM’s performance, market analyst Ahmed Sobha said that the bourse was heavily impacted by the sharp rise seen on Emirates NBD’s stock, after its announcement that it would allow foreigners to own more stocks in the bank.
Despite the apparent gains, several of these green-closing stocks have not seen actual rises, the analyst told Mubasher, indicating that negative performance was still dominant in the market.
The banks sector led Sunday’s risers, spearheaded by Emirates NBD which soared 13.6% to AED 10, on the back of news that the bank was planning to hike its capital and amend the item on foreign ownership.
Meanwhile, the real estate sector went up by 0.9% after Emaar Malls grew 1.9% to AED 2.16, while Emaar Development and Emaar Properties gained 1.16% and 1% to AED 5.22 and AED 6.06, respectively.
Moreover, the investment sector added 0.21% after DFM Company increased 0.9% to AED 1.08.
Performing negatively was the consumer staples sector, which shed 2.14% after Marka retreated 6.4% to AED 0.543.
Trading
Turnover dropped to AED 197.75 million on Sunday from AED 381.87 million on Thursday, while volume registered 421.05 million shares versus 512.02 million in the previous session.
GFH’s stock, up 2.7% to AED 1.44, logged the highest traded volume with 45.26 million shares exchanged, while Emirates NBD recorded the highest turnover with AED 176.51 million.
Sobha hoped that UAE bourses would see an actual improvement in the near future.
Translated by: Nada Adel Sobhi
