By: Bedour Alraei
Dubai – Mubasher: The Dubai Financial Market (DFM) saw an uptrend for the seventh successive session on Monday, hitting its highest level in more than one year.
The main index went up 0.79% or 29.06 points to reach 3,721.28 points, its highest level since October 2015.
The general index maintained its rise especially after breaking above 3,610 points, according to Tarek Al Essawy, CEO of a financial consulting company.
Profit-taking will be postponed till the main index reaches 3,950-4,000 points, the CEO noted.
Closure of the market above 3,610-3,620 points will lead the main index to continue its rise to 4,200 points, Al Essawy added.
The banks sector topped gainers after adding 1.5% as Dubai Islamic Bank (DIB) went up 1.54%.
The investment sector levelled up 0.88% after Gulf General Investment (GGICO) advanced 5.7%.
The real estate sector increased 0.65% as Drake and Scull International (DSI) and Emaar Properties grew 5.14% and 1.46% respectively.
On the flipside, the telecom sector fell 0.32% after du increased 0.32%.
Telecom Hits topped gainers after adding 13.2% after generating AED 134.7 million from the exchange of 224.09 million shares.
Turnover stood at AED 1.27 million on Monday, compared to AED 1.2 billion on Sunday. Trading volume reached 1.25 billion shares, compared to 1.06 billion shares.
DSI was the value leader after generating AED 148.43 million from the exchange of 282.19 million shares.
Translated by: Julian Nabil
