By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) erased its early losses on Wednesday, backed by selective buying of blue chips topped by Dubai Islamic Bank (DIB) and Emaar Properties.
The DFMGI gained 0.59% or 21.83 points to reach 3,694.14 points.
Most portfolio investors tended to speculate and increase positions in selective stocks, capital market analyst Safwat Totah told Mubasher.
The main index is likely to rise to 3,770 points, yet reaching the level of 3,585 points will give an “exit” signal, Totah added.
The services sector topped gainers with a 0.8% rise, backed by Tabreed which grew 1.6%.
The banks sector increased 0.78% as Al Salam Bank - Sudan and Dubai Islamic Bank (DIB) levelled up 1.46% and 1.35% respectively.
The real estate sector went up 0.78% after Damac Properties and Emaar advanced 1.52% and 1.33% respectively. The investment sector climbed 0.64% as DFM Company went up 1.5%.
A state of anticipation controls investors, he said, adding that Emaar’s annual financials are expected to recover and confirm the market's uptrend.
Blue chips are likely to rise in the coming sessions, thus pushing the main index to 3,700 points, Totah noted.
Translated by: Julian Nabil
