By: Mahmoud Gamal
Dubai – Mubasher: Arabtec Holding’s stock rose during Sunday’s trading by 1.3% to AED 1.55; its highest level since about five weeks.
By 11:28am UAE time, trading volume reached 21.73 million shares, exchanged at AED 33.55 million.
The rise drove the real estate sector to a growth of 0.65%.
Financial analyst, Mohannad Diack, suggested that real estate stocks continue to attract trader’s attention after reaching attractive purchasing levels.
“Reaching the market price of AED 1.6 confirms that the stock carries medium-term investment opportunities for traders in the Dubai Financial Market (DFM),” he added.
Diack said that Arabtec’s stock is now targeting resistance levels of AED 1.64 and AED 1.75 and a support level of AED 1.42.
Translated by: Elwy el-Manzalawy
