By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Wednesday, backed by active trading on blue chips.
The DFMGI reached 3,262.82 points after rising 2.07% or 66.20 points, its highest gains since 17 March.
The telecom sector was the best performer after adding 3.82%, backed by du which gained 3.82%. Likewise, the real estate sector went up 2.32% as Emaar Properties rose 2.8%.
The banks sector also gained 1.7% as Dubai Islamic Bank (DIB). The investment sector also climbed 1.27% as SHUAA Capital and Dubai Investments went up 2.34% and 1.52% respectively.
Oil prices recovery and growth of quarterly profits led portfolio investors to increase their positions, pushing stocks to rise, according to capital market analyst Nawaf Al-Ajmi.
Closure of the main index above 3,250 points gave an initial “entry” signal, the analyst noted.
Liquidity reached AED 946.9 million on Wednesday, compared to AED 780.10 million on Tuesday. Trading volume stood at 981.93 million shares, compared to 604.99 million shares.
The DFMGI is likely to rise in the coming sessions to the important resistance of 3,290 points, a level from which the index may rise to 3,310 points, Al-Ajmi said.
Translated by: Julian Nabil
