By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) ended Tuesday’s session in the green, extending its upward rebound, backed by its leading sectors.
The DFMGI jumped 1.31%, its highest gain in 21 sessions, and added 44.61 points to close at 3,437.51 points.
The consumer goods sector led gainers, adding 2.5% after Dubai Parks and Resorts saw a similar rise. The real estate sector grew 1.72% on the back of Emaar Properties, Arabtec and Union Properties which were up 2.5%, 1.35% and 1.47%, respectively.
The investment sector increased 1.44% backed by Dubai Investments’ 1.4% gain, while the banks sector added 0.9% after Dubai Islamic Bank (DIB) rose 1.3%.
The DFM has extended its rise, heading towards the level of 3,380 points, which if reached will prompt stronger buying and nearing the resistance level of 3,600 points, Raed Diab, head of investment research at KAMCO, told Mubasher in a comment.
He added that investors were awaiting companies’ financial disclosures for the second quarter and first half of 2016, which are likely to begin this week.
Traded volume increased to 385.75 million shares on Tuesday against 374.27 million on Monday, whereas turnover was down to AED 494.012 million compared to AED 505.57 million in the previous session.
Capital market analyst Mohamed Al Moheir advised traders to increase positions in stocks with a food financial solvency ahead of first-half financials. The analyst said he expects the DFM to continue its upward trend in the remaining sessions of the week.
Translated by: Nada Adel Sobhi
