By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a bullish performance on Sunday, backed by the rise of blue chips.
The general index advanced 0.78% or 25.78 points to reach 3,336.88 points.
Oil price recovery pushed investors to build more positions especially in blue chips, thus boosting the market’s performance, capital market analyst Gamal Abdel Hamid told Mubasher
Closure of the market above 3,333 points is likely to push the index higher to approach 3,350 points, the analyst explained.
The transportation sector was the best performer after adding 1.24%, pushed up by Air Arabia.
The real estate sector advanced 0.98% after Arabtec Holding and Emaar Properties closed higher.
The banks sector went up 0.7% due to an increase in Dubai Islamic Bank (DIB). Similarly, the investment sector recovered 0.5%, spurred by the growth of DFM Company.
Trading volume reached 148.95 million shares on Sunday, compared to 134.27 million shares last Thursday. Turnover stood at AED 216.27 million, compared to AED 239.78 million.
The main index is likely to rise in the sessions after the Eid Al-Fitr holiday despite weak liquidity, Abdel Hamid concluded.
Translated by: Julian Nabil
