By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Monday, in line with the rise of five stocks topped by the banks and transportation sectors.
The main index gained 0.3% or 10.43 points to reach 3,358.57 points.
The gains of Dubai bourse was backed by accumulation of selective stocks which reached attractive price levels, technical analyst Salam Saeed told Mubasher.
Rise of oil prices and recovery of Saudi Stock Exchange (Tadawul) also pushed DFM to close higher, Saeed noted.
The main index is stabilising above 3,300 points, amid cautious trading ahead of the third-quarter financials, the analyst added.
Announcement of major firms’ third-quarter financial results will determine the market’s trend in the coming period, Saeed noted.
The banks sector went up 1.02% as Dubai Islamic Bank (DIB) climbed 2.13%. The transportation sector also advanced 0.48% as Air Arabia gained 0.78%.
The real estate sector increased 0.24% after Drake and Scull International (DSI) and Arabtec Holding added 7% and 0.7% respectively.
On the flipside, the investment sector went down 0.9% as Dubai Investments slid 0.99%.
The market saw trading of 204.09 million shares on Monday, compared to 167.24 million shares on Sunday. Turnover reached AED 291.72 million, compared to AED 233.32 million.
The main index is expected to continue its fluctuations between 3,300 and 3,400 points, Saeed noted.
Translated by: Julian Nabil
