By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw gains on Sunday, backed by the real estate and banks sectors amid purchase of selective stocks, analysts told Mubasher.
The general index added 1.36% or 45.79 points to reach 3,401.03 points, the highest level since November 2015.
The he stability of oil prices above $40 regained investor confidence and also contributed to a rosier outlook on local stocks, said UAE markets analyst Mohamed Al Hosni.
The DFMGI reached the safe zone of 3,400 points, Al Hosni said, adding that staying above that area will push the index towards higher price levels.
Trading volume stood at 686.14 million shares, compared to 795.94 million shares.
Turnover reached AED 858.8 million ($233.74 million) on Sunday, compared to AED 1.03 billion ($272.99 million) last Thursday.
The liquidity was hit by investor fears over the performance of oil markets in Monday’s early trades, in addition to selling pressures on Arabtec Holding’s stock which accounted for 16% of the market’s turnover.
The consumer staples sector increased 13.7% as United Foods Company grew 14.9%.
The sector was also backed by Dubai Resorts and Parks. The blue-chip stock advanced 14.3% to become the value leader after generating AED 204.54 million from the exchange of 148.35 million shares.
The services sector levelled up 1.8% after Amanat Holding gained 2.1%.
The real estate sector added 1.26% after Emaar Properties and Emaar Malls Group climbed 2.8% and 1.4% in a row.
The banks sector went up 0.9% as Emirates NBD and Commercial Bank of Dubai (CBD) grew 4.6% and 2.9%, respectively.
On the flipside, the telecom sector declined 0.6% after du fell 0.6%.
The DFMGI will see important resistance at 3,430 and 3,490 points in a row, the analyst said, adding that reaching such levels will lead the index to see profit-taking.
