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Real estate pushes DFM up at Tuesday close

Real estate pushes DFM up at Tuesday close
The general index rose 0.64% or 23.2 points to 3,641 points.

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) closed Tuesday in green, on the back of the active trades in the real estate sector.

The general index rose 0.64% or 23.2 points to 3,641 points.

The rise in the real estate stocks, led by Drake and Scull with 2.9% to AED 2.12, helped the market recover from the losses in the last two sessions.

The rebound was due to the purchases of leading stocks such as Emaar Properties, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.

The market is likely to witness fluctuations in the coming period, waiting for new catalysts to invoke more purchases, Diab added.

Emaar Properties’ stock rose 1.55% to AED 8.5, pushing the market up.

Deyaar and Union Properties also went up 1.15% and 1.11%, respectively.

On the other hand, Arabtec and Dubai Islamic Bank hiked 0.34% and 0.86%, respectively.

Technically, Diab noted that the general index may move horizontally between 3585-point and 3685-point levels.

Trading volume hiked to 296.25 million shares from 274.7 million shares, while turnover declined to AED 455.78 million from AED 492.77 million.

Translated by: Mohammad Shokhba