By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Wednesday, backed by the rise of blue chips topped by Emaar Properties and Dubai Islamic Bank (DIB).
The general index rose 0.38% or 13.56 points to reach 3,573.25 points.
The market stabilised after four sessions of continuous rises amid selective purchases of attractive stocks, according to Raed Diab, head of investment research at KAMCO.
The market is likely to see a sideways-to-bearish performance in the coming period, Diab noted.
The DFM may also decline before rising again, weighed down by possible profit-taking, the head of investment research said.
The main index sees resistance near the level of 3,600 points, while its support stands at 3,430 points, Diab added.
The real estate sector topped gainers with a 0.75% rise as Union Properties (UP) and Emaar Properties levelled up 2.9% and 0.8%, respectively.
The transportation sector advanced 0.75% after Air Arabia and Aramex gained 1.8% and 0.39%, respectively.
The banks sector increased 0.72% as Dubai Islamic Bank (DIB) added 1.22%. The investment sector also grew 0.51% after Dubai Investments went up 0.79%.
Trading volume reached 238.96 million shares on Wednesday, compared to 246.16 million shares on Tuesday. Turnover amounted to AED 375.66 million, compared to AED 338.07 million.
Translated by: Julian Nabil
