Dubai Market Bounces Back On Rising Trading Volumes

The Dubai Financial Market (DFM) General Index gained 1.26% Tuesday to close at 1,678.40 points, despite a negative debut of the week at European exchanges.

Shares of the DFM, the only listed Arab market, jumped 3.42% to reach Dhs 1.21 ($0.33) Emaar added 0.93%, ending at Dhs 3.25 ($0.88). Drake and Scull International or DSI fell one percent to hit Dhs 1.01 ($0.27).

Earlier in the day, the global maintenance specialist said its subsidiary in Qatar sees progressive tender activities and expects a substantial pick up in the Qatari construction index in Quarter two.

“Tenders for major projects in the hospitality, rail and the infrastructure sectors are underway in Quarter two and we are currently bidding across all our business lines. (…),” said Khaldoun Tabari, CEO of DSI.

Trading volumes surged 40%, as some 273 million shares were traded, valued at Dhs 352.5 million ($95.92).

This news was reported by AMEinfo.