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DFM maintains uptrend on Emaar

DFM maintains uptrend on Emaar
Turnover fell 2.5% to AED 344.67 million on Wednesday

By: Mahmoud Gamal 

Dubai-Mubasher: The Dubai Financial Market (DFM) continued its positive performance on Wednesday, spurred by the rise of real estate stocks especially Emaar Properties and Union Properties.

The general index rose 0.25% or 8.7 points to reach 3,530.60 points.

The real estate sector was the best performer after adding 0.78%, backed by Emaar Properties and Union Properties which advanced 1.72% and 2.01% respectively.

The banks sector grew 0.20% after Dubai Islamic Bank (DIB) went up 0.37%.

On the flipside, the transportation sector led losers after falling 1.44%, weighed down by Aramex and Air Arabia which retreated 2.02% and 1.35% respectively.

Purchases of real estate stocks especially Emaar Properties and Union Properties (UP) pushed the market higher, capital market analyst Mohamed Al Dhafiri said.

The market was also backed by closure of the main index above its resistance at 3,530 points, Al Dhafiri noted.

Turnover fell 2.5% to AED 344.67 million on Wednesday, compared to AED 353.46 million on Thursday. Trading volume declined 6.8% to 229.13 million shares, compared to 214.42 million shares.

Concentration of liquidity in blue chips is a positive signal that portfolio investors tended to increase their purchases, the analyst said.

Dubai bourse is expected to maintain its gains, Al Dhafiri said, adding that small investors should not build up positions until the index reaches 3,580 points.

Translated by: Julian Nabil