The Dubai Financial Market (DFM) index’s consolidation in the positive territory continued yesterday although the volume of trade fell ahead of Eid holidays due to lack of catalysts.
The Dubai market, of late, has been taking its direction from the sentiments prevailing on the global financial markets that have been bullish in the anticipation central banks around the world would ease their monetary policy in order to jump-start growth in a flagging world economy, a move which would give boost to riskier assets such as stocks.
The DFM index closed at 1,578.98, up 0.09 per cent. Around 95.62 million shares, cumulatively worth about Dh122.34 million were traded on the stock market. Market analysts say the Dubai market is preparing for a post-Ramadan rally.
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