The Dubai Financial Market (DFM) index rose by almost one-third of a per cent on Sunday led by a surge in real estate major Emaar and construction company Arabtec’s shares after it was announced a new mega-city named Mohammad Bin Rashid City would be built in Dubai focused on the emirate’s key growth sectors which include retail, tourism and exhibitions.
The DFM index regained the critical 1,600 support level, an indication that the market may rally in the days ahead, should the global macro-economic indicators not worsen.
Around 131.12 million shares, cumulatively worth about Dh205.29 million were traded on the Dubai stock market. As many as 30.34 million shares of Emaar cumulatively valued at around Dh113.47 million were traded, its stock closing 2.19 per cent higher at Dh3.73. Construction major Arabtec’s shares, jumped 1.31 per cent to close at Dh2.32.
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