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Real estate leads semi-collective stock rise on DFM

Real estate leads semi-collective stock rise on DFM
Photo Credit: Arabianeye-Reuters

Dubai – Mubasher: The Dubai Financial Market (DFM) witnessed a semi-collective rise of its stocks in Thursday’s early trades, led by the real estate sector.

The DFMGI succeeded in surpassing 4,000 points by 10:30am UAE time, surging by 65 points or 1.67% to 4,006.84 points.

Turnover grew significantly during the first half hour, exceeding AED 500 million on gains from the real estate sector as 291 million shares were traded through 4,213 transactions.

The real estate sector gained 3.17%, after a turnover of AED 334 million, as Emaar Properties’ surged 4.70% on a turnover of AED 132.6 million.

The telecom sector and its stock du added 1.40%. The transport sector gained 1.13%, backed by Air Arabia’s 2.04% growth.

The banking sector also advanced 1.01% as Dubai Islamic Bank (DIB) and Ajman Bank added 1.63% each. Ajman Bank’s shareholders approved a 5% bonus share dividend.

The consumer staples sector was the only decliner, shedding 0.09% as Dubai Parks lost 0.11%.

UAE markets are witnessing a state of optimism, with little investor caution at present, analysts told Mubasher, thanks to positive expectations for companies’ long-awaited financial announcements, which should bring a strong push.

The DFM concluded Wednesday in the green, its second successive rise, amid stock gains in the real estate. The DFMGI soared 112.78 points or 2.95% to 3,941.77 points, its highest gains in more than two months.