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Dubai shares extend gains on blue-chips stocks

Dubai shares extend gains on blue-chips stocks

Shares on Dubai bourse kept rally alive on Thursday for fourth consecutive session, boosted by blue-chips stocks in both real estate and banking sector.

The Dubai benchmark stock index, DFMGI, surged 1.07% or 51.82 points to 4907.55 points.

“Investors were building news positions in blue-chips stocks, especially Emaar which served as the main boos to the index,” said Ramy Rashad, a senior technical analyst at Mubasher Financial Service.

Shares in heavyweight Emaar climbed 1.46%, while Arabtec ticked up 0.47%.

The banking sector index jumped 1.22%, bolstered by shares in Dubai Islamic Bank which gained 0.76%.

Turnover hit AED 605.37 million, through the trade of 243.6 million shares.