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Blue chips boost DFM in week

Blue chips boost DFM in week
The DFMGI grew 1.07% or 38 points over the week

Dubai – Mubasher: The Dubai Financial Market (DFM) closed the week ended Thursday, 20 July on a positive note, backed by its leading stocks particularly Arabtec Holding and Damac Properties.

The DFMGI grew 1.07% or 38 points over the week to close at 3,537.42 points.

 The investment sector led risers, adding 3.4% after SHUAA Capital surged 13.9% on the back of two new acquisitions.

The banks sector increased 1.87% after Dubai Islamic Bank (DIB) and the Commercial Bank of Dubai (CBD) gained 3% and 2.35%, respectively, this week, while the real estate sector added 0.24% after Emaar and Arabtec rose 2% and 0.6%, respectively.

The DFM performed well this week, registering a “good” rise backed by Damac’s surge to AED 4.57 and Emaar’s record high of AED 8.2, comment UAE market analyst Gamal AbdelHamid.

Companies financial disclosures have improved investors’ risk appetite, the analyst said, noting that the rise in Emirates NBD’s profits helped the DFMGI resume its position near 3,600 points.

Turnover amounted to AED 1.73 billion on the DFM this week, up from AED 1.54 billion last week, while traded volume increased to 1.125 billion shares traded versus 976.87 million.

AbdelHamid forecast that the DFM will continue rising next week on the back of additional disclosures, noting that the DFMGI may rise towards 3,653 points.