Dubai – Mubasher: The Dubai Financial Market (DFM) opened Wednesday in the green, backed by four of its sectors, particularly real estate.
By 10:40 am UAE time, the DFMGI increased 0.32% or 11.03 points to 3,506.85 points, in line with analysts’ forecasts.
The real estate sector grew 1.34% after Arabtec surged 9.3% and Emaar Properties gained 1.5%.
The transport sector added 0.35% on the back of Air Arabia’s 0.9% rise, while the banks sector went up 0.2% after Dubai Islamic Bank (DIB) added 0.34%.
Turnover reached AED 113.12 million after 90.51 million shares were exchanged through 1,303 transactions.
Earlier on Wednesday, analysts told Mubasher that UAE market stability in the remaining sessions of the week was bound by long-term institutional investments, as well as overall optimism towards Arabtec’s and Emaar’s stocks and the continued disclosures of financial results.
Optimism was a dominant feature in UAE markets on Tuesday, backed mainly by "optimistic trading" on Emaar Properties and expectations of positive financials for 2017, analyst Amer Al Mohanady stated, noting that the decision taken by Arabtec’s shareholders for the capital restructure programme will reduce concerns towards the stock and may result in a resumption of liquidity.
