DubaiÂ€˜s benchmark index closed 1.57 per cent higher at 4,593.27 points, fuelled by real estate and insurance shares. Real estate and energy shares lifted the
He said traders were able to invest based on fundamentals rather than fear.
It also confirmed that
Ismaik has 28.85 per cent stake in the construction company.
The big question is what will happen to the former CEO's stake in the company? "This is what everybody is trying to find out," Yasin said.
He said that no decision has been taken yet.
"I believe strategic investors will be eyeing these shares. It is a substantial amount that can really block any kind of decisions. I don't believe the stake sale is going to happen soon," he said.
Among the gainers in
Gulfa fell by 9.76 per cent to Dh2.68, followed by
Of the 30 companies traded, 21 rose, seven declined and two closed unchanged.
About 693.96 million shares worth Dh1.85 billion were traded.
Yasin said that people should not pressurise the company and if the stock can maintain the current price range, it should be seen as a positive sign.
"The market will start to build a good buffer for next week, technically from a low point, in bid to face any challenges," he said.
Among the losers,
Of the 29 companies traded, 16 rose, 11 declined and two closed unchanged.
About 157.04 million shares worth Dh416.75 million were traded.
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