Dubai-Mubasher: Dubai Financial Market (DFM) ended the losing streak it witnessed for three successive sessions, backed by positive performance of the market’s leading stocks, European markets, China’s economic growth and oil price rise.
The market’s upward trend is considered a technical correction amid a renewed buying appetite, coupled with the rise of Chinese and Japanese stocks, said technical analyst Muhannad Erekat.
DFM’s rise is not technically enough as trading is still below most of resistance levels.
Turnover reached AED 591.76 million on Tuesday, compared to AED 393.4 million ($107.12 million) on Monday. Trading volume stood at 591.76 million shares, compared to 325.3 million shares.
The real estate sector levelled up 4.9% after Arabtec Holding, Deyaar Development and Emaar Properties advanced 10.4%, 5.8% and 5.46%, respectively.
The investment sector advanced 4.13% as Dubai Investments went up 4.3%.
The banks sector increased 2.02% after Dubai Islamic Bank grew 2.7%.
The telecom sector gained 1.8% as Etisalat rose 1.8%.
