By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) ended the week on a positive note this week amid increased selective buying on leading stocks, particularly Emaar Properties.
The DFMGI grew 0.29% or 9.7 points and closed the week at 3,343.18 points.
This week’s rise comes after three successive weekly declines.
The DFM’s turnover fell 30.5% to AED 1.55 billion from AED 2.23 billion last week, while traded volume declined 22% to 934.84 million shares versus 1.2 billion shares.
The investment sector grew 1.07% after Dubai Investments increased 1.66% to AED 2.44.
This week’s gains can mainly be attributed to Emaar Properties’ stock, which was among the week’s top risers, after investors took in the dividend distribution announcement, commented Hani Kounqar, team leader of regional trading at Mubasher Financial Services (MFS).
The real estate sector added 0.28% after Emaar Properties increased 2.3% over the week to AED 7.11.
Real estate stock activity
Over the week, other real estate stocks saw significant trading activity, including Union Properties, whose stock grew 2.6% to AED 0.890 after one of the company’s shareholders raised their stake.
Bluestone Fund hiked its stake to 9.68% in Union Properties from 5.02% this week.
Commenting on the stock’s movement, Menacorp financial analyst Issam Kassabieh told Mubasher that the stock was influenced by the company’s increased sales this year.
Meanwhile, Drake & Scull International’s (DSI) stock grew 1.81% to AED 2.24 on the back of the entrance of a new shareholder, which the Kassabieh said was due to the overall rise in confidence after DSI’s restructure scheme and its projected positive results for the second quarter of 2018.
New DFM entry
On Tuesday, Khaleeji Commercial Bank (KHCB) commenced trading on the DFM, rising by 11% over the course of three sessions to AED 1.28.
KHCB’s rise in its first week of trading indicates that traders are holding on to their operational or banking stocks amid projections that these stocks will have high returns in the coming sessions.
Emirates Islamic, a shareholder in KHCB, saw its stock surge 37.14% this week to AED 9.6.
Translated by: Nada Adel Sobhi
