By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a bullish performance on Tuesday amid the build-up of new positions especially in investment and real estate sectors, according to an analyst.
The main index went up 0.70% or 23.25 points to reach 3,333.73 points.
The investment was the best performer after adding 3.5% as SHUAA Capital and DFM Company grew 6.25% and 3.6% respectively.
The transportation sector levelled up 1.15% after Gulf Navigation Holding advanced 3.53%.
The real estate sector also increased 0.9% due to a rise in Arabtec Holding and Emaar Properties by 2.3% and 1.21% respectively.
Despite the market’s positive performance on the back of the gains generated by the investment and real estate sectors, the UAE bourses are likely to continue their volatile trend, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
On the other hand, the banks sector led losers with a 0.25% decline after Dubai Islamic Bank (DIB) slid 0.39%.
Turnover amounted AED 534.78 million on Tuesday, compared to 913.739 million on Monday. Trading volume reached 378.491 million shares, compared to 747.579 million shares.
Investors await the DFMGI to approach 3,370 points to push the market higher to 3,420-3,400 points. However, the main index will fall to 3,250-3,200 points if it declines below 3,280 points, Diab told Mubasher.
Translated by: Julian Nabil
