By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index rose on Thursday for the second successive session on the back of higher buying transactions on blue chips, especially on Emaar Properties.
The DFMGI added 0.73%, or 24.41 points, to 3,370.07 points.
The UAE’s stock markets are witnessing big buying trend, mainly on blue chips, Mena Corp’s financial analyst Issam Kassabieh told Mubasher.
Emaar Properties's stock already began a rising period, amid positive expectations regarding dividends, to be higher than the amount distributed by the company in 2016, Kassabieh added.
The DFM’s trading volume surged 28.13% to 571.99 million shares from 446.38 million shares on Wednesday, while the market’s liquidity soared 26.11% to AED 755.4 million, which is its highest level in six months, compared to AED 598.97 million in the previous session.
The telecommunications sector topped the market’s gainers, rising 2.4%, while its only stock du added the same percentage to AED 5.1, after the company declared its readiness to launch the 5G technology’s services.
The real estate sector gained 1.4%, after Drake and Scull International (DSI) went up 2.7% to AED 2.26, while Emaar Properties levelled up 2.36% to AED 6.94.
The transportation sector also rose 1.16%, as Aramex added 2.4% to AED 4.3, while the services sector grew 0.26%, with Amanat Holdings gaining 1.37% to AED 1.48.
The banks sector inched up 0.07%, after the Dubai Islamic Bank (DIB) increased by 0.16%.
On the other hand, the consumer staples sector led the market’s losers, shedding 1.3%, after EXB Entertainments lost 1.24% to AED 0.635.
The UAE’s markets are expected to grow in the coming week, given the stability of the national economy and the increase in oil prices.
Translated by: Muhammad Khalid
