By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) continued its rise on Tuesday, backed by the positive performance of blue chips.
The general index gained 0.54% or 18.90 points to reach 3,513.20 points.
The consumer staples sector was the best performer with a 1.19% increase, spurred by Dubai Parks and Resorts which went up 1.21%.
The investment sector levelled up 0.7% as Dubai Investments advanced 0.5%. The real estate sector also grew 0.7% due to a rise in Arabtec Holding and Emaar Properties by 2.08% and 0.4% respectively, while the banks sector climbed 0.4% as Dubai Islamic Bank (DIB) rose 0.5%.
On the flipside, the transportation sector slid 0.34% as Aramex fell 2.2%.
Closure of the main index at key resistance levels on Monday helped the market to maintain its gains in today’s session, according to Manaf Al Mallouhi, head of research at Elite Financial Services.
The rise of oil prices and US stocks also pushed the market higher, the analyst said, adding that the rebound of Emaar, Arabtec, Dubai Parks and Dubai Investments from strong support levels contributed to the market’s gains.
The market’s liquidity rose on Tuesday, yet it is still weak as traders are still cautious amid anticipations of the coming OPEC meeting, he explained.
The UAE market are awaiting a number of effective events like the Morgan Stanley’s review of UAE stocks and opening of equities futures market by Nasdaq Dubai, the analyst noted.
The DFMGI is likely to continue its sideways-to-upward trend throughout the rest of this week, Al Mallouhi concluded.
Translated by: Julian Nabil
