By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) boosted its early gains and closed Tuesday’s trading session in the green zone, backed by build-up of new positions in blue-chip stocks.
The DFMGI rose 0.42% or 14.07 points to reach 3,385.29 points.
The services sector was the best performer with a 1.45% increase, backed by Amanat Holdings which advanced 1.9%.
The banks sector added 1.14% after Dubai Islamic Bank (DIB) grew 0.6%. Similarily, the transportation sector levelled up 0.6% due to an increase in Gulf Navigation Holding by 5.6%.
The insurance sector also gained 0.34% after Dubai Islamic Insurance and Reinsurance Co. (AMAN) climbed 1.15%.
The market was stable at close as investors await new catalysts to appear, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.
The market is expected to see a volatile performance in the coming sessions till the vision becomes clearer, Diab added.
Trading volume reached 601 million shares on Tuesday, compared to 1.24 billion shares on Monday. Turnover amounted to AED 974.66 million, compared to AED 1.67 billion.
The real estate sector led losers with a 0.25% decline as Arabtec Holding and Emaar Properties tumbled 1.38% and 0.53% respectively.
The main index needs to break above 3,750 points to attract more purchases and move to 4,000 points, the analyst noted.
The DFMGI will reach 3,490 points if it declines to 3,650-3,600 points, Diab concluded.
Translated by: Julian Nabil
