By: Mahmoud Gamal

Dubai – Mubasher: The general index of Dubai Financial Market (DFM) witnessed gains in the week ended 8 June, driven by the rise in real estate stocks, led by Drake and Scull International (DSI).

The DFMGI rose 1.44% or 48.37 points to reach 3400.10 points.

The real estate sector levelled up 3.6% as DSI surged 18.5% during the week, while Arabtec Holding gained 0.4%.

The investment sector increased 1.9%, after DFM Company and Dubai Investments advanced 5.5% and 0.1%, respectively.

Turnover amounted to AED 2.42 billion, compared to AED 2.09 billion last week, while trading volume reached 2.21 billion shares, compared to 1.68 billion shares.

The selective purchases on some shares over the week added to prices reaching attractive levels were the main reasons behind the DFM’s continued to increase, general manager of Al Sharhan Stock Centre Jamal Ajaj stated.

He added that another reason for the DFM’s gains was the positive news about Emaar Properties, which expects to offer up to 30% of its UAE property development business through an initial public offering (IPO) on the DFM.

On Thursday, Emaar chairman Mohamed Alabbar told Alarabiya news channel that the IPO might be carried out in November 2017.

The stocks could see some improvement in the coming sessions, given the positive outlook for the oil and the distressed companies, Ajaj told Mubasher.

Translated by: Mohamed Nabil