By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) maintained its early positive performance on Wednesday, backed by strong purchases of blue-chip stocks.
The general index rose 2.42% or 86.04 points to reach 3,646.08 points.
The announcement of Arabtec’s recapitalisation programme led to heavy purchases of blue-chip stocks, pushing the main index to rise on Wednesday, capital market analyst Mahmoud Diab told Mubasher.
Closure of the main index at 3,600 points in today’s session signals that the market may rebound to 3,680-3,720 points, Diab added.
The insurance sector topped gainers with a 3.9% rise as Oman Insurance Co. went up 14.6%.
The real estate sector added 3.8% after Arabtec Holding and Drake and Scull International (DSI) went up 6.4% and 2.8%, respectively.
The investment sector increased 3.4% after Dubai Investments rose 3.7%. In addition, the transportation sector advanced 2.7% as DFM Company levelled up 3.6%.
The banks sector grew 0.43% after GFH Financial Group and Dubai Islamic Bank (DIB) climbed 1.4% and 0.5%, respectively.
Trading volume reached 626.07 million shares on Wednesday, compared to 471.25 million shares on Tuesday. Turnover amounted to AED 742.56 million, compared to AED 596.98 million.
Translated by: Julian Nabil
