By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) continued its uptrend for the third week in a row, backed by the rise of blue chips.
The general index gained 2.08% or 72.3 points to reach 3,544.21 points this week.
The market’s gains are attributed to selective purchases by investment funds which plan to build new positions in the blue chips and mid caps, financial market analyst Wael Al Muhaisen said, adding that these stocks are expected to see positive second-quarter results.
The transportation sector topped gainers after rising 5.4%, spurred by Aramex and Air Arabia which increased 11% and 4.4% respectively.
The real estate sector grew 2.45% as Emaar Properties, Union Properties and Arabtec Holding advanced 4.5%, 2% and 1.3% respectively. Similarly, the banks sector went up 1.11% after Emirates NBD gained 1.4%.
Recovery of global markets especially US stocks positively affected investors’ appetite for UAE stocks, Al Muhaisen added.
The positive outlook for Air Arabia’s and Aramex’s second-quarter results have prompted speculators to increase their positions in these two stocks, which also reached attractive price levels, the analyst explained
Turnover stood at AED 2.35 billion this week, compared to AED 2.37 billion last week. Trading volume reached 1.55 billion shares, compared to 1.82 billion shares. The market’s index is likely to continue its rise towards 3,650 points in the coming weeks.
Translated by: Julian Nabil
