By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Tuesday, amid increased purchases of blue chips especially in the real estate sector.
The DFMGI rose 0.8% or 25.80 points to reach 3,306.72 points.
The services sector topped gainers with a 1.6% rise as Tabreed went up 5.5%.
The consumer staples sector grew 1.3% as DXB Entertainments increased 1.3%. The investment sector also went up 1.26% after Dubai Investments jumped 1.5%.
The real estate sector climbed 1.26% due to an increase in Emaar Properties and Arabtec Holding by 2.26% and 3.10% respectively. Similarly, the banks sector went up 0.4% as Dubai Islamic Bank (DIB) levelled up 0.8%.
The positive third-quarter results of real estate stocks pushed the market to close higher, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.
The positive performance of GCC stock markets has a positive impact on investors’ sentiment, yet there is anxiety over the 2016 US elections which will take place on 8 November, the analyst added.
The market saw trading of 427.34 million shares on Tuesday, compared to 745.63 million shares on Monday. Turnover stood at AED 582.45 million, compared to AED 835.72 million.
Closure of the market above 3,300 points is a positive signal and may push the index higher to reach 3,340-3,370 points, Diab added.
However, a break below the support level at 3,270 points may lead the index to fall to 3,250 points, the analyst noted.
Translated by: Julian Nabil
