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DFM records highest liquidity in 9M Thursday

DFM records highest liquidity in 9M Thursday
Emaar Properties increased by 0.7%

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) closed in the green zone with a higher liquidity on the back of its stocks Drake and Scull International (DSI) and Emaar Properties.

The DFMGI added 0.75% or 27.33 points to close at 3,672.77 points.

The DFM’s trading volume nearly tripled to 709.41 million shares on Thursday from 288.23 million shares on Wednesday, while turnover surged to AED 919.37 million, its highest liquidity level since 26 January, compared to AED 337.41 million in the previous session.  

The volumes of trading and buying on Thursday were "astonishing" along with the positive forecasts for DSI's stock, Menacorp financial analyst Issam Kassabieh told Mubasher.

Investors tried their best to support DSI’s stock, which broke above AED 2 for the first time in six months, Kassabieh added.

The DFM was pushed by some blue chips, especially DSI, which jumped 5.8%.

The Commercial Bank of Dubai (CBD) grew 2.5% despite the decline in quarterly profits, while Dubai Investments added 2.03%

Investors focused on the real estate sector, as Union Properties (UP), Arabtec Holding, and Emaar Properties increased by 2.2%, 1.02%, and 0.7%, respectively.

Meanwhile, Dubai Islamic Bank (DIB) levelled up 0.5%.

The main indicator of the DFM's investor confidence lies in the active trading on Emaar Properties’ stock before the end of Thursday’s session, Kassabieh continued.

Investors’ focus on Emaar’s Properties reflected their optimism regarding the results of the company’s ordinary general meeting (OGM) slated for Saturday, he added.

Kassabieh expects the DFM to reach its AED 1 billion turnover target next week, a target long-awaited by investors.

 

Translated by: Muhammad Abdulwakeel