DFM closes at six-month high

04/06/2009 - Dubai Investment News
DFM closes at six-month high
The Dubai Financial Market's (DFM) main index has breached the 2,000 barrier and closed at its highest level since November 2008.

Analysts speaking to Emirates Business had tipped the index to achieve the milestone by the end of the week and today (June 4th) investors attributed the 1.8 per cent rise to a strong inflow of international funds and foreign trades.

Rami Sidani, Schroders Middle East head of investment, said: "Large local institutions have been sitting on a lot of cash and have now been encouraged to come back in."

Among the big risers on the DFM was Dubai Islamic Bank, which climbed 3.6 per cent, while Dubai property companies also enjoyed a day of strong trading.

Overall, gainers outnumbered fallers by 21 to one, with the market closing at 2,026, its highest level since November 30th.

Yesterday, Mohamad Al Beheriri, trading manager at Amanah Financial Services, said the DFM had approached the 2,000 milestone yesterday before being pegged back by selling pressure.ADNFCR-2019-ID-19203461-ADNFCR