By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a bullish performance on Monday, backed by purchases of blue chips especially in the investment sector.
The main index rose 0.14% or 4.53 points to reach 3,306.19 points.
The services sector was the best performer with a 2.36% increase, backed by Amanat Holdings which levelled up 9.7%.
The investment sector also advanced 2.02% after SHUAA Capital gained 10.8%. Dubai Investments also rose 1.44%.
The market was mainly backed by the rise of investment and real estate sectors, whose companies such as Dubai Investments, are expected to post good results in the fourth quarter of 2016, analyst Mohamed Al-Azmi told Mubasher.
The real estate sector increased 0.98% as Union Properties and Damac Properties went up 10.2% and 3.8% respectively.
Bullish performance of most GCC markets positively affected the sentiment of investors who await the upcoming OPEC meeting’s results, the analyst noted.
Trading volume reached 1.055 billion shares on Monday, compared to 964.69 million shares on Sunday. Turnover stood at AED 1.197 billion, compared to AED 1.076 billion.
Closure of the market above 3,300 points is a positive factor that may attract investments and push the index higher to 3,340-3,370 points, Al-Azmi added.
The main index will fall further to 3,250 points if it breaks below its support at 3,270 points, the analyst concluded.
Translated by: Julian Nabil
