By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed its early negative performance on Wednesday, spurred by selective purchases of blue chips led by Dubai Islamic Bank (DIB) and Emaar Properties.
The general index rose 0.42% or 15.08 points to reach 3,617.40 points.
The consumer staples sector topped gainers with a 1.45% increase, spurred by DXB Entertainments which added 1.5%.
The banks sector went up 0.9% after Emirates NBD and DIB which levelled up 2.85% and 0.36% respectively.
The investment sector also gained 0.18% as Dubai Investments increased 0.4%. The real estate sector grew 0.18% as Deyaar Development levelled up 2.34% and 0.4% respectively.
Most portfolio investors tended to increase their positions amid expectations that global stock and oil markets, according to capital market analyst Mohamed Ismail.
Trading volume reached 684.88 million shares on Wednesday, compared to 947.54 million shares on Tuesday. Turnover amounted to AED 695.38 million, compared to AED 980.94 million.
Dubai bourse is likely to maintain its uptrend, Ismail said, adding that investors should not increase their positions until the main index breaks above 3,620 points.
Translated by: Julian Nabil
