By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Monday in the green, registering its first gain after five straight sessions of losses.
The DFMGI grew 0.36% or 11.04 points to close at 3082.13 points.
Selective buying
Commenting on the DFM’s performance, market analyst Jamal Abdelhamid said that markets succeeded in closing on a higher note today with minor gains as investor made selective purchases.
Restoring confidence is key to bolstering the DFM to new highs at around 3,103 and 3,139 points, the analyst told Mubasher, noting that stock prices have reached attractive levels that can result in good yields for investors on the medium and long-terms.
Investors targeted certain stocks, particular Emaar Properties’, which has rebounded from AED 5.52 to AED 5.6, the analyst said, forecasting that the stock would rise towards AED 5.98.
Real estate takes the lead
Turnover rose on Monday to AED 214.46 million from AED 96.29 million on Sunday, while volumes jumped to 126.99 million shares versus 77.81 million in the previous session.
The real estate sector led risers on Monday, adding 0.68% after Union Properties gained 1.8% to AED 0.866, while DAMAC Properties increased 1.67% to AED 3.04, and Emaar Properties levelled up 0.72% to AED 5.59.
The banks sector rose 0.57% after Dubai Islamic Bank (DIB) grew 0.94% to AED 5.35, while the insurance sector added 0.57% after Aman went up 2.15% to AED 0.714.
The consumer staples sector increased 0.52% on the back of DXB Entertainments’ 0.69% gain to AED 0.438.
Emaar Properties was the most active in terms of value having generated AED 48.27 million in turnover, while DXB led in terms of volume with 15.63 million shares traded.
Translated by: Nada Adel Sobhi
