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DFM breaks 3 week-drop, ends in green

DFM breaks 3 week-drop, ends in green
The market is expected to see an improvement in the coming sessions

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index recorded its first weekly increase after three successive declines.

The purchasing of the investment and banks sectors’ stocks boosted the DFMGI, which added 0.3% or 10.40 points to close at 3,460.21 points.

As investors’ unjustifiable concerns faded away, the market began to grow over the week, Eyad Al Bariqi, director general of Al Ansari Financial Services, told Mubasher.

The investment sector jumped 4.24% after the DFM Company and Dubai Investments rose 3.6% and 4.16%, respectively.

The attractive prices of the stocks resulted in increasing stock collection, Al Bariqi added.

The banks sector levelled up 0.2% after GFH Group soared 13.8%, following the disclosure of the company's quarterly results, while Dubai Islamic Bank (DIB) gained 0.5%.

The real estate sector’s stocks led the DFM’s losers, headed by Arabtec Holding, which dropped 6%.

The DFM’s trading volume declined to 931.96 million shares from 942.71 million shares in the week ended 9 November, while the market’s turnover reached AED 1.66 billion, compared to AED 1.68 billion in the previous week.

The DFM is expected to see an improvement in the coming sessions, as DFM Company’s net profits surged 20% to AED 8 billion, Al Bariqi continued.

The market will be pushed up by many incentives, such as the listing of Emaar Development by the end of the next week, the analyst concluded.

 

Translated by: Muhammad Khalid