By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a positive performance for the second session in a row on Wednesday, matching earlier expectations that it will rise or at least hold firm.
The general index closed at 3,324.59 points, adding 49.48 points or 1.5%, touching a ten-session peak.
After the U.S. Federal Reserve signaled a slow pace on raising interest rates, traders were encouraged to build more positions in blue chips, thus boosting the Dubai market's performance, capital market analyst Gamal Abdel Hamid said.
The consumer staples sector was the best performer after adding 3.2%, backed by Dubai Parks and Resorts.
The investment sector gained 2.6% after DFM Company increased 3%.
The real estate sector grew 1.5% as Emaar Malls Group, Emaar Properties and Arabtec Holding went up 2.9%, 1.4% and 1.23% in a row.
The banks sector levelled up 1% as Dubai Islamic Bank (DIB) added 3.3%.
Trading volume reached 393.9 million shares on Wednesday, compared to 152.32 million shares on Tuesday.
Turnover stood rose to AED 505.75 million from AED 191.7 million.
The liquidity increase showed that investors regained confidence, especially after the uptrend of global markets, Abdel Hamid noted.
DFM is expected to rise and break 3,333 points then 3,350 and 3,382 points in a row, if the oil prices remain unchanged, the analyst said.
