By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) was up slightly at the closing of Sunday's session backed by three sectors, namely: consumer staples, banks, and real estate.
The DFMGI edged up 0.01% or 0.23 points and closed at 3,554.69 points.
Trading on heavy-weighted and medium-sized stocks has helped push the market up in spite of the state of caution currently dominating the market, commented technical analyst Mohamed El-Azmy.
Sunday's gains are not enough to prompt a rising trend as investors await news on the oil movement and prices, coinciding with some corrections in global markets, the analyst told Mubasher.
The consumer staples sector led risers today, adding 0.8% as Dubai Refreshments and Marka surged 15% and 4.38%, respectively.
The banks sector increased 0.7%, backed by Dubai Islamic Bank (DIB) which was up 1.27%, while the real estate sector edged up 0.04% after Emaar Malls and Emaar Properties grew 2.66% and 0.14%, respectively.
On the flipside, the telecom sector fell 1.46% after du saw a similar decline following news that the company was going to reduce its capital.
The absence of positive local market catalysts will make it harder for the DFMGI to pass resistance at 3,560-3,580 points, Al-Azmy told Mubasher.
Turnover and traded volume dropped sharply on Sunday compared to Thursday, with 223.32 million shares traded at a turnover of AED 258 million against 690.77 million shares exchanged at AED 850.75 million.
Translated by: Nada Adel Sobhi
