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DFMGI closes near stable on investment, real estate Tuesday

DFMGI closes near stable on investment, real estate Tuesday
Blue chips’ prices have reached attractive levels

By: Mahmoud Gamal 

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index edged up 0.9 points, or 0.03%, to close at 3,166.43 points on Tuesday, supported by the investment, transportation, and real estate sectors.

Tuesday's DFM gains came on the back of some investors’ efforts to strengthen their positions in some blue chips, the managing director of asset management at MenaCorp Tariq Qaqish told Mubasher.

Blue-chip prices have reached attractive levels, but many investors were less confident about the market’s performance, Qaqish added.

The investment sector rose 1.3% after Dubai Investments grew 1.86% to AED 2.19.

The consumer staples sector went up 1.22%, as DXB Entertainments added 1.3% to AED 0.558, while the transportation sector rose 0.93% after Air Arabia increased by 2.33% to AED 1.32.

The telecommunications sector and its only stock dulevelled up 0.6%, while the real estate sector inched up 0.08% after DAMAC Properties went up 3.45% to AED 3.

On the other hand, the industrial sector and its stock National Cement plunged 5.3% each.

The banks sector fell 0.75% after Dubai Islamic Bank (DIB) sank 1.46% to AED 5.41.

Emaar Malls, Emaar Development, and Emaar Properties levelled down 1.4%, 0.8%, and 0.34, respectively.

The DFM’s trading volume increased to 132.45 million shares on Tuesday from 116.71 million on Monday, while the market’s liquidity shrank to AED 325.07 million through 3,247 transactions, versus AED 328.62 million in the previous session.

GFH Group was the most actively-traded stock in terms of volume, with 24.86 million shares, while Emirates NBD topped the market in terms of liquidity, with a turnover of AED 75.77 million.

The Emirati markets will see additional gradual growth in the coming sessions, given the attractive prices of some stocks, especially Emaar's, the analyst concluded.

 

Translated by: Muhammad Khalid