Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday, the first trading session of the week, with marginal gains on the back of real estate and some banking stocks.

The DFMGI edged up 0.06% or 1.93 points to close at 3,395.39 points.

The DFM is forecast to begin its recovery next week after the listing of ADNOC’s stocks on the Abu Dhabi Securities Exchange (ADX) on 13 December and after oversubscription funds are returned to investors and accordingly the market, commented UAE market analyst Mohamed Al Azmy.

There is a strong need for new market-boosting catalysts particularly in terms of companies’ news and investments which should go up a notch in the coming period as Dubai’s Expo 2020 approaches, the analyst added.

Real estate stocks pushed the DFM higher, as DAMAC, Emaar Malls, Arabtec Holding, and Deyaar gained 2.4%, 2.39%, 1.26%, and 0.41%, respectively.

Similarly, Emirates NBD and Dubai Islamic Bank (DIB) grew 1.24% and 0.17%, respectively, prompting the banking sector to see a slight rise of 0.04%.

On the other hand, Mashreq Bank’s 4.35% drop, the sharpest among DFM stocks, weighed on the sector.

The telecom sector and its stock du fell 1.4% each, with the latter closing at AED 4.9.

Turnover on the DFM amounted to AED 434.44 million after 261.799 million shares changed hands through 3,460 transactions.