By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw gains for the second successive session on Monday amid strong purchases of blue-chip and defensive stocks.
The general index gained 1.35% or 46.93 points to 3,535.20 points, its highest level since late April.
The market is backed by the recovery of global exchanges, in addition to the increase of positions in some stocks, capital market analyst Hareb Omar said.
The insurance sector led risers after adding 3.4%, backed by the growth of Takaful Al Emarat Insurance Co. by 14.76%.
The banks sector grew 1.55% as Dubai Islamic Bank (DIB) increased 1.85%.
The real estate sector went up 1.5% after Deyaar Development, Emaar and Union Properties advanced 2.3%
Trading volume rose to 440.25 million shares on Monday, compared to 363.86 million shares Sunday. Turnover reached AED 579.43 million, compared to AED 453 million.
The index is likely to continue its rise and to approach 3,550 points, the analyst expected.
Omar advised traders to increase their positions in stocks with goof solvency in line with the beginning of first-half financials.
Translated by: Julian Nabil
