By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) maintained its rise for the third successive session on Monday, amid heavy purchases of blue chips.
The main index gained 1.03% or 34.34 points to reach 3,371.22 points.
In this two-session week, the index went up 1.8% compared to last week’s closing at 3,311.10 points.
Investors’ buying returned after oil prices rose to “acceptable levels”, pushing the Dubai bourse to continue its uptrend, technical analyst Salam Saeed told Mubasher.
Portfolio investors will build new positions in blue chips, the analyst noted.
The real estate sector was the best performer with a 1.27% rise, backed by Arabtec Holding and Emaar Properties which advanced 2.8% and 1.28% respectively.
The banks sector levelled up up 1.24% due to a growth in Dubai Islamic Bank (DIB) by 2.1%.
The investment sector recovered 0.98% after Dubai Investments and DFM Company closed higher.
Trading volume reached 288.59 million shares on Monday, compared to 148.95 million shares on Sunday. Turnover stood at AED 425.02 million, compared to AED 216.27 million.
The index is expected to maintain its upward trend after the Eid Al-Fitr holiday and move towards 3,400 points, Saeed concluded.
Translated by: Julian Nabil
