By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) on Monday reversed the downtrend it had maintained for four successive sessions, spurred by the rise of Dubai Islamic Bank (DIB) and Emaar Properties.
The main index rose 0.58% or 20.26 points to reach 3,501.18 points.
Active trading on blue chip and mid-cap stocks, despite investors’ caution, pushed the market to rise slightly at close, technical analyst Mohamed Al Azmi told Mubasher.
The positive rebound is not enough to help the market maintain its rise, amid investors’ anxiety over Arabtec’s position and rescue plan, Al Azmi noted.
The services sector topped gainers with a 4.02% rise, as Amanat Holdings and Tabreed went up 4.63% and 2.7%, respectively.
The investment sector grew 2.17%, as SHUAA Capital increased 3.21%.
The banks sector levelled up 1.06% after Emirates NBD rose 1.22%.
Emaar Malls Group (EMG) and Emaar Properties increased 0.38% and 0.28%, respectively.
The market saw trading of 557.98 million shares on Monday, compared to 293.38 million shares on Sunday. Turnover amounted to AED 1.12 billion, compared to AED 563.12 million.
On the flipside, the transportation sector fell 1.1% as Aramex and Gulf Navigation Holding retreated 1.85% and 1.36%, respectively.
The main index sees resistance at 3,580-3,560 points, Al Azmi noted.
Translated by: Julian Nabil
