By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) closed stronger, backed by the positive performance of leading stocks in the banks and real estate sectors, analysts told Mubasher.
The general index rose 2.5% or 75.14 points to reach 3,101.19 points at close.
The wave of severe declines that hits the Gulf markets including the UAE’s, has opened a short-term investment opportunity for investors, market analyst Ahmed Akl told Mubasher.
Akl added that the DFM was mainly backed by speculators who made use of the blue-chip stocks’ low prices.
The transportation sector topped risers after adding 3.8% as Aramex and Air Arabia gained 3.02% and 4.9% in a row.
The banks sector advanced 3.23% as Dubai Islamic Bank and Emirates NBD levelled up 5.3% and 1.3%, respectively.
The real estate sector grew 2.5% after Emaar Properties and Arabtec Holding rose 3.16% and 0.95% in a row.
The investment sector added 1.9% as Dubai Investments and DFM Company went up 2.07% and 2.66%, respectively.
On the flipside, the telecom sector led decliners after falling 1.19% to AED 5.
Technical indicators showed that the DFMGI is likely to continue its downward trend, the analyst said, adding that the support level stands at 3,000 points.
Turnover amounted to AED 275.11 million ($74.88 million) on Tuesday, compared to AED 190.6 million ($51.9 million) on Monday. Trading volume reached 224.86 million shares, compared to 169.94 million shares.
Akl expected the UAE stock markets to continue its volatile trend this week.
(Anticipations of leading companies’ Q4 results in the coming period will have an impact on the markets’ performance.)
Investors are full of anticipation for Q4 disclosures - especially those of large firms - which will play the leading role in the scene across the Gulf markets, headed by UAE, in the upcoming period.
Translated by: Julian Nabil
