By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) maintained its early gains on Wednesday, amid the build-up of new positions in blue chips, especially Emaar Properties.
The main index gained 2.52% or 83.66 points to reach 3,406.01 points.
Emaar’s initial public offering (IPO) news attracted liquidity to Dubai’s bourse, capital market analyst Mohamed Al Azmi said.
The real estate developer will offer up to 30% of its UAE property development business through an IPO on Dubai’s bourse.
The real estate sector topped gainers with a 5.3% increase as Emaar and Arabtec went up 8.6% and 2.25%, respectively.
The banks sector levelled up 2.06% after Dubai Isalmic Bank (DIB) climbed 0.17%.
Trading volume reached 418.92 million shares on Wednesday, compared to 354.35 million shares on Tuesday. Turnover amounted to AED 807.73 million, compared to AED 283.4 million.
The DFM is expected to continue its rise in the coming sessions, Al Azmi said, adding that the market will not stabilise until the main index breaks above 3,450 points.
Translated by: Julian Nabil
