By: Thabet Shehata

Dubai – Mubasher: The Dubai Financial Market (DFM) concluded Wednesday in the green, its second successive rise, amid stock gains in the real estate, banking and investment sectors as well as a significant increase in turnover owing to Dubai Islamic Bank’s (DIB) strong financials.

The DFMGI soared 112.78 points or 2.95% to 3,941.77 points, its highest gains in more than two months. Turnover leaped to AED 1.436 billion from yesterday’s AED 623 million, while traded volume increased to 1.1 billion shares from 475 million shares.

UAE markets have become more dependent on internal factors rather than external ones, market analyst Waddah Taha told Mubasher, adding that there are some specific factors controlling the DFM, the most important of which are Emaar’s shareholder meeting and end of the record date for Dubai Investments, as well as the first quarter financials of leading companies.

Earlier on Wednesday, DIB announced its results for Q1-15, in which net profits grew 34% to AED 850.4 million compared to AED 636.6 million in the same period in 2014.

The real estate sector added 3.16% as Arabtec rose 3.7% to AED 2.790. Emaar also closed at an increase of 3.3% to AED 7.450.

Emaar Properties shareholders are scheduled to meet today to discuss and approve the company’s dividends of 15 fils per share, representing 15% of capital and totalling AED 1.07 billion.

The banking sector grew 2.5%, backed by DIB which surged 5.3% to AED 6.750, whereas Emirates NBD remained unchanged at AED 9.800.

The investment sector topped the gainers, surging 6.86% as Dubai Investments and DFM Company leaped 6.92% and 6.1% to AED 3.090 and AED 1.910, respectively.

Meanwhile, the telecom sector closed in the red, falling 0.4% as du retreated to AED 5.

Translated by: Nada Adel Sobhi