By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) erased Tuesday morning losses and ended the session in green, backed by strong buying on leading stocks, according to an analyst.
The DFMGI gained 0.58% or 20.36 points and closed at 3,559.69 points.
Increased buying on leading shares, as well as Emaar Properties’ positive news, boosted the index at the end of the session, market analyst Mahmoud Diab said.
Passing the level of 3,550 points confirms a rebound towards 3,580 and 3,600 points, the analyst told Mubasher.
The industrial sector led risers, surging 9.03%, after National Cement led gainers with a similar increase.
The investment sector grew 0.95% as Dubai Investments and DFM Company levelled up 0.77% and 0.67%, respectively.
The banks sector went up 0.93% after Dubai Islamic Bank (DIB) gained 1.77%, while transport grew 0.67% as Gulf Navigation added 3.33% on the back of news that it may issue sukuk worth $250 million.
The real estate sector increased 0.43% after Emaar gained 1.22% on news that it received the final repayment of its insurance claim for its The Address Dubai hotel from Orient Insurance.
Turnover reached AED 338.07 million after 246.16 million shares changed hands.
Should the DFM rise above 3,620 points, it will likely extend its gains and near 3,700 points once more, Diab added in his comment.
Translated by: Nada Adel Sobhi
