By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) maintained its gains for the third session in a row on Monday, spurred by Emaar Properties, Dubai Islamic Bank (DIB) and Dubai Investments.
The DFMGI went up 1.09% or 36.37 points to reach 3,380.55 points.
The market saw exchange of positions as liquidity moved from Arabtec Holding to some mid-cap stocks, global and UAE markets analyst Mesbah Al-Mazrouei said.
The telecom sector topped risers with a 2.5% increase, backed by du’s gains.
The banks sector advanced 1.8% after Dubai Investments and Dubai Islamic Bank (DIB) levelled up 2.4% and 0.8% in a row.
The real estate sector grew 0.45% as Emaar added 0.34%, and Emaar Malls Group and Union Properties were on the rise.
On the flipside, the services sector led losers after falling 0.1%, followed by the industrial sector at 0.09%.
Trading volume grew to 1.6 billion shares on Monday from 1.214 billion on Sunday. Turnover increased to AED 1.9 billion ($517 million), compared to AED 1.56 billion ($425 million).
Arabtec was the most active company after trading 365.9 million shares.
The stock’s turnover reached AED 642.43 million ($174.9 million), representing 34% of the market’s liquidity. However, Arabtec slid 6.6% to AED 1.71.
Bigger market liquidity reflects heavy purchases and investors’ desire to make use of stocks at lower price levels, Al-Mazrouei noted.
The DFMGI began an upward movement from 2,600 points, targeting 3,400 points, the analyst said. Thereafter, the index will likely reverse its rally to break below 3,270 points and 3,100 points.
Translated by: Julian Nabil
