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DFM seesaws on banking, real estate stocks

DFM seesaws on banking, real estate stocks
Photo Credit: Arabianeye-Reuters

Dubai – Mubasher: The real estate sector succeeded in reversing the Dubai Financial Market’s (DFM) direction towards the green by mid-session on Tuesday, allowing the market to overcome banking sector losses.

The DFMGI added 0.09% or 3.44 points at 12:30pm UAE time, reaching 3,755.2 points.

Earlier today, the DFM fell 0.5% following pressure by Dubai Islamic Bank (DIB) and ignoring gains achieved by 23 stocks.

The insurance sector was the highest gainer, surging by 3.5% as Takafal Emarat and Dar Takaful soared by 15% and 13.7%, respectively. Ranking second, the investment sector added 2.8% as Dubai Investments and DFMC rose 3.45% and 1.65%, respectively.

The telecom sector gained 1.36% as du rose to AED 5.210, while the real estate sector increased 1.27%, backed by Arabtec and Emaar, which added 1.72% and 1.26%, respectively.

On the other hand, the banking sector dropped 3% as Abu Dhabi Islamic Bank (ADIB) topped the losers, plunging by 6% to AED 6.370.

Mid-session trading reached 224.85 million shares with a turnover of AED 317.6 million and the execution of around 3,400 transactions.