By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed the negative performance it maintained for four successive sessions on Tuesday, backed by the rise of blue chips which saw heavy purchases.
The main index gained 1.39% or 45.60 points to reach 3,317.97 points.
Dubai bourse recovered from the four-session losing streak, backed by the low-priced stocks which encouraged investors to re-enter the market, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
Howver, the analysts are still cautious over third-quarter financials, the analyst noted.
The transportation sector topped gainers with a 2.89% rise as Air Arabia grew 3.15%. The investment sector advanced 2.87% after Dubai Investments climbed 3.6%.
The real estate sector went up 1.48% after Arabtec Holding increased 3.01%.
The banks sector also added 1.2% due to an increase in GFH Financial Group by 2.8%.
The market generated AED 308.6 million from the exchange of 234.08 million shares through 2,891 transactions.
Closure of the index above the important support level of 3,200 points is a positive signal, Diab noted.
The index is expected to rise to 3,360 points if it manages to break its resistance at 3,320 points, the analyst noted.
Translated by: Julian Nabil
