DFM hikes to highest level in 3 weeks

DFM hikes to highest level in 3 weeks
The general index rose 0.62% or 22.72 points, to close at the 3,660.27-point level

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) continued rising during Thursday trading for the second day, reaching its highest level in three weeks.

The general index rose 0.62% or 22.72 points, to close at the 3,660.27-point level, which is the highest since 19 September session.

The market was pushed up by the portfolio's movement to position in the insurance stocks, especially Salama, and the activity of leading stocks, led by Dubai Investment, technical analyst Gamal Abdul Hamid told Mubasher.

Investors go with stocks that are predicted to produce good operational results, Abdul Hamid added.

The real estate stocks, led by Damac with a 2.5% rise, supported the market’s hike, followed by Emaar, rising by 1.4% to AED 8.7, and Arabtec, with 0.6% to AED 3.03.

Liquidity levels are seeing continuous improvement; however, it is affected by the announcement of companies’ financial results, Abdul Hamid elaborated.

The traded value increased to AED 526.68 million from AED 463.03 million, after trading 467.12 million shares, through 6,388 transactions.

Salama’s stock achieved the highest trading activity, with a 14.9% rise to AED 0.54, which is the highest price since March, generating AED 83.8 million, after trading 162.94 million.

After the general index rose above 3,650-point level, it is expected to go beyond 3,737-point level, which will encourage more investment and increase liquidity, especially after stocks had reached desirable levels, amidst predictions to achieve future profitability, Abdul Hamid said.

Translated by: Mohammad Shokhba

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Source: Mubasher Exclusive

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