By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) maintained its upward trend for the fourth session in a row on Tuesday as investors build positions in blue chips, encouraged by a continued recovery of oil, analysts told Mubasher.
The DFMGI increased 1.46% or 47.32 points to reach 3,287.02 points, the highest level since November, backed by Arabtec Holding which was the best performer.
As market sentiment was boosted by continued rise of Arabtec’s stock and higher oil prices, investors were busy building positions, said technical analyst Thabet Al-Harbi.
Arabtec topped gainers after adding 14.5%, with turnover of AED 782.1 million generated from trading 494.36 million shares through 4,548 transactions.
Emaar Malls Group advanced 1.5%, followed by Emirates NBD and Emaar Properties at 0.7% and 0.2% in a row.
The market saw turnover of AED 1.8 billion ($490 million) on Tuesday, compared to AED 1.6 billion ($435.6 million) on Monday. Trading volume stood at 1.3 billion shares, compared to 1.28 billion shares.
Loosening liquidity left a positive impact on the markets, said Arab markets analyst Hashim Al-Fahmawi.
Al-Fahmawi added that the DFMGI must face profit-taking pressures that will lead it down to 3,061 points before rebounding to 3,500 points.
He expected the market to see profit-taking when its main gauge nears 3,291-3,331 points.
Translated by: Julian Nabil
