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DFM resumes gain after profit-taking break

DFM resumes gain after profit-taking break
Photo Credit: Arabianeye-Reuters

Dubai – Mubasher: The Dubai Financial Market (DFM) closed Monday at a rise, resuming its gains following profit-taking on Sunday. Gains were backed by positive performance in the real estate sector, led by Arabtec and Emaar Properties in addition to banking and telecom stocks.

The DFMGI surged 73.56 points or 1.83% and closed at 4,095 points, nearing the level of 4,100 points.

UAE markets will likely continue to see moderate profit-taking on Monday following the “exaggerated” gains seen during previous sessions, analysts told Mubasher.

The transport sector was the top gainer today, rising 3.3% as Aramex surged 5.5%. Air Arabia and Gulf Navigation also closed in the green.

The real estate sector added 2.3% after Arabtec and Emaar grew 3.45% and 1.11%, respectively. DAMAC Properties soared 11.8%, topping rising stocks.

The banking sector increased 1.75% as Emirates NBD grew 4.4% and Dubai Islamic Bank (DIB) added 0.88%. The telecom sector was the lowest gainer, adding 1% as du rose to AED 5.060.

On the other hand, the investment sector retreated 0.18% as Dubai Investments shed 0.71%, whereas DFM Company added 0.5%.

Turnover declined on Monday to AED 1.3 billion from AED 1.57 billion as 604.28 million shares were traded against 776.24 million shares yesterday.