By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) erased its early losses and rose on Sunday on the back of selective purchases of blue chips, topped by Arabtec Holding and Dubai Islamic Bank (DIB).
The general index rose 0.32% or 11.03 points to reach 3,491.46 points.
The merger of First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) has a positive impact on investors’ sentiment in the UAE markets, technical analyst Ahmed Ismail told Mubasher.
The market’s uptrend will not be technically confirmed until the main index stabilises above 3,500 points, the analyst noted.
Trading volume reached 261.64 million shares on Sunday, compared to 286.83 million shares last Thursday. Turnover amounted to AED 323.1 million, compared to AED 397.75 million.
The industrial sector topped gainers with a 14.8% rise as National Cement Co grew 14.8%.
The transportation sector climbed 2.53% as Gulf Navigation Holding, Aramex, and Air Arabia levelled up 5.84%, 2.63%, and 1.9%, respectively.
The investment sector added 0.8% as Dubai Investments went up 1.23%. The real estate sector grew 0.18% after Arabtec Holding climbed 2.46%.
The banks sector rose 0.15% due to an increase in Dubai Islamic Bank (DIB) by 0.18%.
The main index will rise to 3,600 points if it manages to stabilise above 3,570 points, Ismail said.
Translated by: Julian Nabil
