By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed the bearish trend it set for six sessions in a row, backed by the investment, real estate and banks sectors.
The general index went up 0.5% or 18.2 points to reach 3,325.8 points.
The rise of Dubai market was mainly attributed to selective purchases of blue chips, in addition to the recovery of gulf markets, capital market analyst Gamal Abdel Hamid told Mubasher.
Hurdling the 3,300 points barrier and nearing key resistance levels are the technical factors contributing to today’s rebound, Abdel Hamid added.
The transportation sector rose 3.09% as Air Arabia went up 3.33%.
The investment sector increased 1.5% after Dubai Investments advanced 1.03%.
The real estate sector levelled up 0.68% due to the growth of Arabtec Holding.
The banks sector recovered 0.12% as Dubai Islamic Bank (DIB) increased 0.36%.
Turnover reached AED 247.96 million on Sunday, compared to AED 478.33 million on Wednesday.
Trading volume declined to 205.08 million shares from 355.12 million shares.
The decline of trading activity is justifiable, amid investors’ anticipation of price curve of the oil market which is showing a tendency for short-term correction.
The market is expected to target 3,380 points, according to Abdel Hamid.
The analyst advised traders to be cautious and not to strengthen their positions, he concluded.
