By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a bullish performance on Thursday, spurred by the rise of blue chips especially in the investment and banks sectors.
The main index rose 1.445 or 46.97 points to reach 3,309.97 points.
The UAE markets were “strongly” backed by news of possible merger between listed banks, analyst Mohamed Al-Azmi told Mubasher.
The bourses managed to maintain its positive rebound as some officials in global research firms said that the UAE stocks still stand at attractive levels and have low P/E (Price to Earnings) ratios, the analyst noted.
Trading volume reached 1.017 billion shares on Thursday, compared to 981.93 million shares on Wednesday. Turnover stood at AED 1.28 billion, compared to AED 946.9 million.
The investment sector added 4.07% as DFM Company and Dubai Investments gained 3.7% and 3.5% respectively.
The banks sector rose 2.13% as Dubai Islamic Bank (DIB) grew 1.17%. The real estate sector levelled up 1.35% after Emaar Properties gained 1.83%.
Today’s gains are still not enough to support the market against continuous profit-taking made by investors who are anxious over global markets’ reaction to Federal Reserve Chair Janet Yellen’s statement, the analyst added.
On the other hand, the consume staples sector fell 0.6% as DXB Entertainments went down 0.6%.
The main index is likely to see important resistance at 3,315-3,340 points, Al-Azmi said.
Translated by: Julian Nabil
