By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) maintained its rise for the second successive session on Tuesday, supported by the growth of blue chips.
The general index reached 3,343.43 points, rising 1.13% or 37.5 points; the highest gains in ten sessions.
The bank sector was the top gainer after adding 1.55%, backed by the rise of Emirates NBD and Dubai Islamic Bank (DIB).
The real estate sector grew 0.96% as Emaar Malls Group, Damac Properties, Arabtec Holding and Emaar Properties closed higher.
The market’s gains were mainly attributed to the wave of positivity that controlled the GCC markets following the news on a possible merger between National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), Raed Diab, vice president of Investment Research Department in KAMCO, told Mubasher.
The UAE markets’ recovery was also supported by growing hope that Britain will stay in the European Union, Diab noted.
On the other hand, the services sector was the only loser after falling 0.62%, pressured down by Amanat Holdings which slid 1.2%.
Trading volume stood at 104.71 million shares on Tuesday, compared to 99.44 million shares on Monday. Turnover amounted to AED 184.89 million, compared to AED 137.75 million.
The index is likely to target its important resistance at 3,370 points, Diab concluded.
Translated by: Julian Nabil
