By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed the negative performance it witnessed for two successive sessions on Wednesday, backed by the real estate, banks and investment sectors
The DFMGI went up 0.5% or 16.5 points to reach 3,328.90 points.
The real estate sector led risers after adding 0.5%, propelled by Arabtec Holding and Emaar Properties.
The banks sector advanced 0.5% due to a rise in Eshraq Properties, Amlak Finance and Dubai Islamic Bank (DIB).
The market’s uptrend is mainly attributed to selective purchases of blue chips, as well as the recovery of global markets, according to UAE markets analyst Mohammed Al Hosni.
The general index approached an important resistance at 3,350 points, Al Hosni added.
The transportation sector was the only loser with a 1.09% decline, weighed down by Gulf Navigation Holding which retreated 2.8%.
Turnover reached AED 391.42 million on Wednesday, compared to AED 353.12 million on Thursday.
Trading volume fell to 296.95 million shares from 324.74 million shares.
DFM is expected to rise on Thursday, Al Hosni said, adding that small investors should not strengthen their positions until the main index breaks above 3,400 points.
