By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a bullish performance on Monday, spurred by purchases of blue chips, an analyst told Mubasher.
The general index gained 2.28% or 75.3 points to 3,378.54 points, its highest level in ten sessions.
The market’s positive performance came after portfolio investors showed a desire to invest in real estate stocks, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.
Trading volume reached 660.7 million shares on Monday, compared to 370.75 million shares on Sunday.
Turnover grew to AED 684.3 million from AED 320 million.
Liquidity rose as a result of trading on most blue chips and mid-caps, Diab said.
The real estate sector advanced 2.9% as Arabtec Holding increased 8.7% and became the value leader after generating AED 146.5 million.
Arabtec Holding needs to break AED 1.87 to target AED 2.10, Diab noted.
Drake and Scull International (DSI) sees resistance at AED 0.53 after rising 6.7%.
The banks sector increased 2.9% after Emirates NBD and Dubai Islamic Bank (DIB) levelled up 3.2% and 1.7% in a row.
The investment sector added 2% as DFM Company and Dubai Investments grew 2.9% and 1.8% in a row.
The consumer staples sector went up 0.6% due to a 0.8% rise in Dubai Parks and Resorts.
The DFMGI is likely to break its resistance of 3,420 points, the analyst noted.
It is important for the market to close above 3,250 points to maintain its uptrend on the medium term, Diab explained.
