By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) continued its rise for the second session in row on Monday, amid purchases of blue chips.
The general index rose 0.98% or 35.10 points to reach 3,602.47 points, its highest level since October 2015.
The investment sector topped gainers after adding 2.8% due to a rise in Dubai Investments by 2.8%.
The real estate sector advanced 1.4% as Emaar Properties went up 1.36%. Similarly, the banks sector grew 0.9% after Dubai Islamic Bank (DIB) rose 1.47%.
Turnover reached AED 763.18 million on Monday, compared to AED 494.1 million last Sunday. Trading volume stood at 502.23 million shares, compared to 303.64 million shares.
Positive news about some major companies and higher oil prices pushed some investors to increase their positions, capital market analyst Gamal Abdel Hamid told Mubasher.
Some speculators sold their shares in Drake and Scull International (DSI) after the announcement of its Q2-16 losses, and tended to build new positions in blue chips led by Emaar Properties and Arabtec Holding which target AED 1.56-1.6, the analyst noted.
Dubai’s main index is expected to continue its rise on Tuesday and approach 3,618.8 points, Abdel Hamid said.
Translated by: Julian Nabil
