By: Mahmoud Gamal
Dubai-Mubasher: Arabtec Holding grew 3.5% to AED 1.48 in Sunday’s mid-session, its highest level in two months.
Speculators have resumed purchases of blue chips which reached attractive price levels like Arabtec, technical analyst Amir Al Mansour said.
The rise of global oil and stock markets, in the awake of Brexit’s vote, restored investors' appetite, Al Mansour explained.
Trading on Arabtec’s stock reached 49.92 million shares by 11:50am UAE time, generating AED 73 million which is the biggest turnover achieved in two months. As a result, the real estate sector grew 0.3%.
Arabtec targets AED 1.95-2.14, while its support stands at AED 1.39-1.36, according to the capital market analyst Bayan Nabil.
Translated by: Julian Nabil
