Dubai Financial Market resumes uptrend

ABU DHABI, 24th July, 2017 (WAM) -- Driven by gains held by the banking and investment sectors as well as some property companies, the Dubai Financial Market initiated the week's trades on an improvement note after experiencing a regular profit-booking spree on Thursday, closing 0.64 percent up at 3596 points, with Abu Dhabi Securities Exchange edging slightly down 0.39 percent to 4534 points amidst overall stable trading conditions. Within this context, the Emirates NBD rose to AED9.09 followed by Dubai Islamic Bank at AED5.86, with Ajman Bank exceeding expectations and gaining 7.7 percent to close high on AED1.25. Advancing shares at DFM included the Investment Corporation of Dubai which rose by 4.3 percent to close at AED4.41, while Amlak was among the top performers, closing on a high note of AED1.16, after hitting a high of AED1.24 during the session, gaining 3.6 percent. A selective purchasing spree continued targeting some blue chips as has been the case over the past fortnight, with the market still awaiting leading companies at the real estate and banking sectors to disclose their H1 financial results, which means, according to many analysts, that the largest volume of transactions is yet to be conducted over the rest of the current week. Damac was among the best performers at the real estate sector, increasing 1.8 percent to close at AED3.95, while Emaar stood at AED8.10. In terms of volume of trades, a total of 6238 transactions were conducted worth AED515 million over 410 million shares. Advancing stocks outnumbered losing ones, with 29 companies closing high, 23 down and 11 at their last traded prices.