By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) maintained its rise for the second session in a row on Thursday, backed by the real estate and banks stocks.
The DFMGI added 0.5% or 15.8 points to reach 3,344.67 points.
The real estate sector topped gainers with a 1.14% rise, helped by Emaar Properties and Emaar Malls Group which advanced 1.76% and 1.46% in a row.
The telecom sector advanced 1.11%, spurred by du’s gains.
The transportation sector increased 0.77% due to a rise in Air Arabia.
The banks sector grew 0.12% after Emirates NBD added 0.74%.
Heavy purchases of real estate stocks, especially Emaar, helped the market to maintain its uptrend, capital market analyst Gamal Abdel Hamid told Mubasher.
The general index approached an important resistance at 3,350 points, Abdel Hamid noted.
Lastly, the investment sector was the worst performer with a 0.84% decline, dragged by DFM Company which slid 1.5%.
Heavy purchases of real estate stocks, especially Emaar, helped the market to maintain its uptrend, capital market analyst Gamal Abdel Hamid told Mubasher.
The general index approached an important resistance at 3,350 points, Abdel Hamid noted.
Turnover stood at AED 416.23 million on Thursday, compared to AED 391.42 million on Wednesday.
Trading volume grew to 369.88 million shares from 296.95 million shares.
Dubai’s stock market is likely to maintain its bullish performance on Sunday, the analyst expected.
Abdel Hamid advised small investors not to increase their positions until the general index reaches 3,500 points.
