By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Thursday, backed by the rise of blue chips.
The main index grew 0.63% or 21.78 points to reach 3,474.38 points.
The banks sector was the best performer after adding 1.05% due to an increase in Dubai Islamic Bank (DIB) and GFH Holding by 1.7% and 0.9% respectively.
The real estate sector went up 0.64% as Emaar Properties increased 1.4%. The consumer staples sector grew 0.6% after DXB Entertainments levelled up 0.6%, while the transportation sector advanced 0.43% as Aramex climbed 2.07%.
The market’s gains were mainly attributed to selective purchases of blue chips and defensive stocks and improvement of the global stocks’ performance, in addition to the OPEC’s agreement to limit oil output, according to UAE markets analyst Mohammed Al Hosni.
Trading volume reached 310.27 million shares on Thursday, compared to 220.3 million shares on Wednesday. Turnover stood at AED 438.51 million, compared to AED 297 million.
The market is expected to continue its rise in the coming session, Al Hosni said, adding that investors should not increase their positions until the main index breaks above the level of 3,490 points.
Translated by: Julian Nabil
