The Dubai Financial Market’s (DFM) general index rose 0.48%, or 16.85 points, to 3,542.44 points on Wednesday due to cherry-picking of blue chips.
There is a big optimistic wave regarding the fourth quarter disclosures and the potential dividends, which could boost the UAE’s markets in the coming period, NamaaZone’s CEO Iyad Aref told Mubasher.
The services sector topped the DFM’s gainers, growing 0.8% after Amanat Holdings went up 1.46% to AED 1.39.
The telecommunication sector and its only stock du increased by 0.78% each.
The investments sector added 0.7%, as Dubai Investments gained 1.2% to AED 2.53.
The real estate sector levelled up 0.6% after Emaar Malls surged 2.2%, while the banks sector rose 0.5% after Dubai Islamic Bank (DIB) went up 0.76% to AED 6.6.
The UAE’s markets may reach historic levels, as the DFMGI, for instance, could reach 3,700 points, Aref continued.
Any decline in the market will be a chance for more buying, which should be focused on stable stocks, the analyst concluded.
Meanwhile, the consumer staples led the DFM’s losers, shedding 1.5% after DXB Entertainments tumbled 1.6% to AED 0.669.
The DFM’s trading volume soared 17.2% to 274.89 million shares from 234.52 million on Tuesday, while the market’s turnover increased by 0.2% to AED 453.56 million, compared to AED 452.79 million in the previous session.