By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Tuesday, backed by blue chips topped by Emaar Properties.
The general index gained 0.49% or 16.77 points to reach 3,408.44 points.
The market was noticeably backed by the increase of positions in heavyweight stocks which reached attractive price levels, financial analyst Mahmoud Diab told Mubasher
The DFM was also supported by the rise of its peers and other global stock markets on steady geopolitical conditions, Diab added.
The investment sector topped gainers with a 1.05% rise as DFM Company and Dubai Investments went up 1.74% and 0.9%, respectively.
The real estate sector added 0.81% after Emaar Properties and Emaar Malls Group (EMG) levelled up 1.09% and 0.8%, respectively.
The banks sector grew 0.15% after Emirates NBD advanced 0.61%.
On the other hand, the services and insurance sector fell 1.51% and 0.09%, respectively.
Trading volume reached 196.72 million shares on Tuesday, compared to 290.09 million shares on Monday. Turnover amounted to AED 270.12 million, compared to AED 263.53 million.
The main index needs to see strong purchases to be able to break above 3,480 points, the analyst explained.
The index will fall to 3,250 and 3,000 points, if it moves below 3,400 points.
The DFM is likely to rise on Wednesday, yet the negative outlook for the market will be confirmed if it declines below 3,360 points, Diab concluded.
Translated by: Julian Nabil
