DFM takes breather, rises Thursday

DFM takes breather, rises Thursday
The real estate sector was up 0.13% after Emaar Properties increased 0.8%

Dubai – Mubasher: The Dubai Financial Market (DFM) closed Thursday on a positive note; its first rise following five straight declines.

The DFMGI added 0.12% or 4.41 points and closed at 3,647.33 points, backed by the investment and real estate sectors.

Turnover amounted to AED 160.87 million, down from AED 221.14 million on Wednesday, while traded volume fell to 117.82 million shares from 155 million.

The DFM was able to recover slightly on Thursday on the back of positivity ahead of the disclosure of financials by Union Properties and blue chip Emaar Properties, market analyst Gamal AbdelHamid noted.

The lower liquidity levels, however, indicate investor caution as they await new catalysts to encourage them to purchase stocks and invest, the analyst told Mubasher.

The investment sector led risers, adding 0.45% after SHUAA Capital and DFM Company gained 2.5% and 1.7%, respectively.

The real estate sector was up 0.13% after Emaar Properties increased 0.8%.

On the flipside, the transport sector shed 0.25% after Gulf Navigation declined 0.8%.

From a technical perspective, AbdelHamid said that the DFMGI will see resistance at 3,653 points, and breaking it will enable the index to rise towards 3,682 and 3,720 points.

Union Properties, up 1.15%, was the value leader on the DFM on Thursday with AED 36.64 million after 41.74 million shares changed hands.

Source: Mubasher Exclusive