By: Mahmoud Gamal
Dubai – Mubsher: The Dubai Financial Market’s (DFM) general index added 0.38% or 13 points to close at 3,477.74 points, recording its third successive increase.
The DFM was dominated by purchasers on Monday, as investors are becoming more optimistic about the market and the growth of some big companies’ net profits, technical analyst Gamal Abdul Hamid told Mubasher.
The DFMGI has reached levels that qualify it to rise and reach 3,505 points, provided that it stabilises above 3,465 points, Abdul Hamid added.
Emaar Properties rose 1.52% to AED 8 on the back of the company’s financial results, while SHUAA Capital's stock surged 8.5% to AED 1.15.
The positive expectations regarding Emaar Properties' stock are based on its stabilisation above AED 8, inter alia, which will act as a launch pad toward further gains to the AED 8.1 and AED 8.2 levels, Abdul Hamid explained.
The DFM’s trading volume increased to 355.53 million shares from 186.04 million shares on Sunday, while the market’s turnover reached AED 567.15 million, compared to AED 315.33 million in the previous session.
GFH Group levelled up 6.25% to AED 1.53, heading the DFM in terms of liquidity, with a turnover of AED 264.08 million, after 178.41 million shares were traded.
Translated by: Muhammad Khalid
