By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed the negative performance it witnessed in early trades on Tuesday, backed by selective purchases of some stocks in the transportation and investment sectors.
The DFMGI gained 0.42% or 15.27 points to reach 3,652.82 points.
The market was significantly backed by speculations on the stocks of some companies which reported a growth in their annual results, offsetting the losses some stocks suffered on Monday, market analyst Mohamed Al-Azmi said.
The transportation sector topped gainers with a2.8% rise as Aramex went up 3.6%. The consumer staples sector rose 2.6% after
The investment sector went up 2.4% as Dubai Investments grew 2.8%.
Drake and Scull International topped gainers with a 6.5% rise, followed by Marka and du at 2.08% and 1.01% respectively.
Investors are waiting for the remaining financials of real estate firms like Emaar Properties which declined 0.5%, the analyst added.
Trading volume reached 662.53 million shares on Tuesday, compared to 666.27 million shares on Monday. Turnover stood at AED 651.33 million, compared to AED 796.23 million.
The market is likely to continue its rise in the coming sessions to target 3,670 points then 3,700 points, the analyst noted.
The rise of the main index above 3,650 points is likely to reduce the possibility of its decline below 3,470 points, Al-Azmi concluded.
Translated by: Julian Nabil
