By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) finished Tuesday in green territory after its main index jumped 28.71 points, or 1.06%, to 2,743.54 points, boosted by the growth of some leading stocks.
The DFM saw significant improvement in the mid-week session, backed by robust earnings statements of major firms, MindCraft Consultants' CEO Fadi Al Ghattis told Mubasher.
The nine-month profit growth of Dubai Islamic Bank (DIB) and the heavyweight Emirates NBD affirmed that the banks sector is set to see positive financial results, Al Ghattis added.
Investors are optimistic about the banks sector’s financial results, especially after the presidential decisions which aim to secure financial stability and enhance local currency, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
The DFM general index is still seeing some fluctuations amid a drop in liquidity, Diab added, noting that if the index technically passes 2,765 points, it will consider a positive sign to hit the level of 2,810 points.
On the other hand, he further indicated that if the DFM declines below 2,700 points, it may fall to 2,590, or 2,500 points.
The real estate sector jumped 1.59% after Emaar Properties’ stock rose 2.94% to AED 4.9, while Arabtec Holding’s stock went up 2.15%.
The transportation sector grew 1.32% as the stocks of Aramex and Air Arabia levelled up 1.02%, and 2%, respectively.
The investment and financial services sector added 1.24% after Dubai Investments’ stock rose 1.9% to AED 1.61%, while the banks sector inched up 0.82%, boosted by Emirates NBD’s stock, which gained 2.22%, reaching AED 9.2.
The bourse’s trading volume reached 112.38 million shares exchanged through 1,941 transactions at a turnover of AED 158.36 million.
Translated by: Mohammad Hesham Azab
