By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Wednesday in the green on the back of Emaar Properties’ stock, which bolstered the general index, allowing it to shrug off earlier losses.
The DFMGI grew 0.32% or 10.67 points and closed at 3,369.85 points.
The real estate sector increased 1.52%, backed by Emaar Properties’ stock, which gained 2.3% to AED 7.14, while the investment sector added 0.5% after Dubai Investments rose 0.82% to AED 2.46.
The resumption of selective buying on blue chips particularly Emaar Properties is the main reason behind Wednesday’s rise, commented Menacorp financial analyst Issam Kassabieh.
The recent rise in Emaar’s stock may be a confirmation that investors are purchasing the stock amid forecasts that the company’s annual dividend distributions will be positive, the analyst told Mubasher.
As for the extended rise seen on Khaleeji Commercial Bank’s (KHCB) stock during its second day of trading on the DFM, Kassabieh indicates that traders are holding on to their operational or banking stocks amid projections that these stocks will have high returns in the coming sessions.
KHCB’s stock surged 14.3% to AED 1.28 on Wednesday, while Emirates NBD gained 5.6% to AED 8.5.
On the flipside, the consumer staples sector fell 2.04% after DXB Entertainment’s stock lost 2.44% to AED 0.641, while the telecom sector and its stock du retreated 1.2%. du closed at AED 4.94 on the back of news that its subscriber base had fallen in October.
The DFM’s turnover fell 16.11% to AED 292.71 million on Wednesday from AED 348.95 million on Tuesday, while traded volume declined 10.6% to 142.88 million shares versus 159.81 million.
Tabreed’s stock was the most active in terms of volume with 13.5 million shares exchanged, whereas Emaar Properties was the value leader with AED 55.67 million.
Translated by: Nada Adel Sobhi
