By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) main index grew at close on Wednesday for the third successive session on the back of leading stocks.
The main index added 0.8% or 28.45 points to 3,598.65 points.
Blue chips, especially in the banks and real estate sectors, maintained their positive effect on the DFMGI, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
Leading stocks are expected to achieve positive results, especially after the emergence of positive news for some of them and attractive prices others have fallen to, he added.
This expectation will last in the coming period regardless of the decline possibilities, Diab said.
The real estate sector led the DFM’s gainers, adding 1.5% after Drake and Scull International (DSI) surged 14.4% following the implementation of its restructuring programme.
Arabtec added 4.9% to AED 3 and Emaar Properties rose 1.2% to AED 8.64.
DFM Company’s stock grew 2.7% to AED 1.14, while Union Properties and DAMAC gained 2.33% and 2.09%, respectively.
Traders are keeping an eye on whether the DFM’s main index will be able to close above the 3,600-point resistance level, which will allow further growth towards 3,625 points, Diab explained, noting that the 3,680-point threshold is essential for further gains.
The vice president of Investment Research at KAMCO expected that support at 3,540 points will prevent the main index from declining, but should the index decrease below this level, selling pressure could drag it down to 3,500 points and 3,465 points.
Translated by: Muhammad Abdulwakeel
