By: Mahmoud Gamal
Dubai – Mubasher: Emaar Properties bolstered the Dubai Financial Market (DFM) to the green zone at the closing of Wednesday's session despite the profit-taking on some stocks and cautious trading.
The DFMGI inched up 0.06% or 2.07 points to close at 3,645.44 points.
The real estate sector boosted the market after Union Properties (UP) and Drake and Scull International (DSI) added 3.8% to AED 0.910 and 1.83% to AED 1.9, respectively.
Emaar Properties went up 1.05% to AED 8.69, while Dubai Islamic Bank (DIB) grew 0.3% to AED 6.06.
The DFM saw some marginal increases despite the continued sale of stocks, which reflects the investors’ desire for profit-taking, technical analyst Jamal AbdulHamid told Mubasher.
The DFMGI's stability at 3,600 points along with the increase in liquidity, and stocks reaching attractive prices, especially in the insurance sector, are a good sign for the market, AbdulHamid added.
It would be better for investors if they focus on the real estate and banks sectors after the profit-taking period concludes, the analyst told Mubasher.
Investors' anticipation has affected trading on the DFM, as trading volume decreased to 288.23 million shares on Wednesday, from 416.86 million on Tuesday. Similarly, the market’s turnover dropped to AED 337.41 million through 3,758 transactions, from AED 525.29 million in the previous session.
The DFMGI is expected to rise to 3,650 points and 3,681 points, the analyst forecast, noting that by breaking above these levels, the index can target 3,738 points.
Translated by: Muhammad Abdulwakeel
