By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index rose 1% or 33.94 points to 3,444.93 points on Wednesday, pushed up by Emaar Properties’ stock.

The bank sector grew, led by GFH Group which jumped 6.06% to AED 1.75.

Emaar Properties went up 2.63% to AED 7.8, despite the investors’ lukewarm trading of its unit's shares.

Emaar Development’s trading was disappointing, Mena Corp financial analyst Issam Kassabieh told Mubasher, noting that the GCC’s geopolitical situation weighed down on the stock. 

On the other hand, Fadi El-Ghattis MindCraft Consultants’ CEO had different opinion, stressing that trading law stipulates that the first day of trading must have neither floor nor celling.

Expectations assured that Emaar Development would not see active trading because of its high market price, which made investors reluctant , said Al-Sharhan Centre’s general manager Gamal Agag.

Mubasher Trade Research set Emaar Development’s stock fair value at AED 7.03, with the value of the total shares equals AED 28.1 billion.

Also, the trading of Emaar Development’s shares began in line with the IPO of Abu Dhabi National Oil Company’s (ADNOC) distribution unit, which is projected to see heavy trading, Agag added.

Dubai Investments levelled up 2.01% to AED 2.54, while DFM Company grew 0.8% to AED 1.16.

On Tuesday, the DFM’s trading volume nearly doubled to 307.86 million shares from 155 million shares, while the market’s turnover surged to AED 761.06 million, compared to AED 352.11 million.

Translated by: Muhammad Khalid.