By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) witnessed gains for the second session in row on Tuesday, backed by strong buying of blue-chip and defensive stocks, according to analysts.
The general index added 1.80% or 63.64 points to stand at 3,602.32 points, its highest level since mid-December 2015.
Liquidity is currently focused on insurance stocks, boosting the bourse’s gains on Tuesday, capital market analyst Salam Saeed noted.
The market will maintain its uptrend if the DFMGI stabilises above 3,600 points, the analyst added.
The industrial sector topped gainers with a 10.35% rise as National Cement Co. (NCC) climbed 10.35%. The insurance sector grew 4.38% after Dubai Islamic Insurance and Reinsurance Co. (AMAN) and Islamic Arab Insurance Co. (SALAMA) which went up 14.9% and 11.18% respectively.
The real estate sector levelled up 4.5% as Arabtec Holding and Emaar Properties grew 4.5% and 2.9% respectively. The investment sector advanced 2.18% due to an increase in Dubai Investments by 2.5%.
The banks sector rose 1.05% after Dubai Islamic Bank (DIB) climbed 1.08%.
Turnover stood at AED 980.94 million on Tuesday, compared to AED 532.66 million on Monday. Trading volume reached 947.54 million shares, compared to 562.26 million shares.
Liquidity will be directed to blue chips in the coming sessions to support the market’s rise, Saeed expected.
Traders should build new positions in companies with good dividends, the analyst added.
Translate by: Julian Nabil
