By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Sunday, backed by the rise of blue chips led by Arabtec Holding and Dubai Islamic Bank (DIB).
The DFMGI rose 0.04% or 1.51 points to reach 3,402.66 points.
The markets’ volatile performance was mainly attributed to speculations on trades due to the lack of real catalysts like the first-half financials, according to Wadah Al Taha, member of the National Advisory Board of Chartered Institute for Securities & Investments (CISI).
The services sector led gainers with a 0.9% rise as Tabreed and Amanat Holdings went up 0.95% and 0.88%, respectively.
The real estate sector added 0.26% as Arabtec Holding and Drake and Scull International (DSI) increased 7.43% and 2.92%, respectively.
The banks sector grew 0.20% after Dubai Islamic Bank (DIB) rose 0.36%.
On the other hand, the consumer staples sector fell 1.3% as DXB Entertainments retreated 1.34%. The investment sector slid 0.5% after DFM and Dubai Investments went down 0.86% and 0.47%, respectively.
Trading volume reached 197.54 million shares on Sunday, compared to 88.46 million shares last Thursday. Turnover amounted to AED 291.2 million, compared to AED 120.5 million.
Stability of the main index above 3,400 points is likely to attract liquidity to the market; thus, pushing it to reach 3,420-3,430 points, technical analyst Mohamed Saeed said.
Translated by: Julian Nabil
