By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) extended its gains at the closing of Tuesday’s session, marking its second straight rise, on the back of increased buying of blue chip stocks.
The general index increased 0.92% or 31.98 points to close at 3,495.82 points.
The real estate sector led gainers, adding 1.94% as Emaar and Union Properties grew 3.32% and 2.11%, respectively.
The market’s property sector, alongside some other leading stocks, impacted the general index, commented Abdullah Al Ali.
The positive news that Emaar Properties will launch a new project as well as Arabtec’s shareholder approval for continuing the business and the capital restructure programme backed the sector and the market, he told Mubasher.
The investment sector added 0.43% as DFM Company rose 1.71%, while the banks sector went up 0.42% on the back of GFH Group and Dubai Islamic Bank (DIB), which increased 2.73% and 0.51%, respectively.
On the other hand, the transport sector led fallers, losing 0.87% after Aramex declined 1.5%.
Turnover rose to AED 380.56 million on Tuesday from AED 279.84 million on Monday. Similarly, traded volume increased to 226.07 million shares from 210.43 million.
The index needs to rise towards 3,520 points to attract further buying and to be able to target 3,570 points, Al Ali told Mubasher, noting that falling below support at 3,450 points will prompt further declines towards 3,390 points.
Translated by: Nada Adel Sobhi
