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Emaar lifts Dubai; turnover falls most in 5 weeks

Emaar lifts Dubai; turnover falls most in 5 weeks

Shares in heavyweight Emaar served as the main boost to Dubai bourse on Thursday, while turnover fell to 5 weeks low amid lack of catalysts.

The Dubai benchmark stock index, DFMGI, ticked up 0.17% or 8.19 points to 4734.76 points around its 100-day moving average and below the 4800 level.

“Emaar recovery was the main boost to Dubai’s index Thursday, with some retail investors increasing their positions in this stock. There was little going on the ground in Dubai that could justify a continued rise in the market especially in August,” said Ramy Rashad, a senior technical analyst at Mubasher Financial Service.

Emaar’s stock surged 1.56%, while share in Arabtec climbed 0.98%.

Turnover stood at 5 weeks low, the steepest since June 29, hitting AED 455.8 million, while volume came in 227.18 million.