By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) managed to return to the green zone on Monday’s close, after Emaar and Dubai Islamic Bank reached desirable levels.
The DFM general index rose 0.45%, gaining 15.80 points, and closed at the level of 3,561.20 points, after incurring losses in the last session.
The desirable levels reached in today’s trading helped the rebound, general manager at Al Ansari Financial Services Eyad Al-Bareeqy said.
Despite the limited market liquidity and the decline in some stocks, the market did not have huge drops during the past sessions, Al-Bareeqy added, noting that gradual increase in the prices and liquidity is expected, especially with the announcement of the companies’ financial results.
Turnover also hiked 14.5% to AED 181.48 million, however; trading volume declined 7.4% to 127.27 million shares.
Liquidity is still available and waiting for catalysts and chances to achieve profits, especially that the prices are still desirable, Al-Bareeqy continued.
Major stocks pushed the market up, as Emaar Properties rose 1.07% to AED 8.5, after trading 3.11 million shares, generating AED 26.43 million, followed by DFM’s stock with 0.9% to AED 1.1, and DIB with 0.33% to AED 6.1.
GFH’s stock led the market’s activity in terms of trading value and volume, with 25.36 million shares traded, generating AED 40.32 million, and closed at AED 1.59.
The results of the third quarter, new projects news, oil prices, and global stocks will be the major factors affecting the market, Al-Bareeqy indicated.
The market will witness better performance in the coming sessions, with the support of leading stocks such as Emaar and DIB, Al-Bareeqy predicted.
Translated by: Mohammad Shokhba
