By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) ended the first week in June in the green, backed by its leading sectors, particularly investment, real estate and banks.
The DFMGI jumped 3.3% or 108 points and closed at 3,371 points.
Dubai stocks have reached attractive levels coinciding with the rise in oil prices above the $50 per barrel mark, prompting speculators to increase their positions in medium and leading stocks, commented gulf market analyst, Safwat Tatoh. The DFM’s current liquidity levels continue to be weak, he told Mubasher, adding that the market needs new liquidity for medium and long-term investments to confirm a rising trend.
The investment sector grew 5.8% after Dubai Parks jumped 6.5%, while the real estate sector added 4.4% as Emaar Properties, Arabtec and Drake & Scull International (DSI) gained 5.2%, 4.4% and 3.8%, respectively.
The banking sector increased 1.7% as Dubai Islamic Bank (DIB) grew 3%.
Turnover reached AED 1.88 billion this week, up from AED 1.7 billion last week, whereas traded volume fell to 1.32 billion shares compared to 1.61 billion.
Technically, the DFMGI is at a rising stage and will target passing the levels of 3,452 and 3,475 points, respectively, the analyst noted.
Translated by: Nada Adel Sobhi
