By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) reversed the negative performance it maintained for three sessions on Monday, spurred by the rise of the real estate and banks sectors.
The general index gained 0.28% or 9.25 points to reach 3,305.94 points.
The banks sector grew 0.3% due to a rise in Ajman Bank and Emirates NBD.
The real estate sector advanced 0.27% as Union Properties, Drake and Scull International (DSI), and Emaar Properties closed higher.
The market rebounded as investors' risk appetite returned, backed by the rise of global markets after opinion polls that Britain is more likely to remain in the European Union, capital market analyst Sultan Al Harbi told Mubasher.
On the flipside, the transportation sector fell 0.11% as Aramex declined 1.82%.
Trading volume reached 99.44 million shares on Monday, compared to 133.1 million shares on Sunday. Turnover stood at AED 137.75 million, compared to AED 169.32 million.
Portfolio investors are likely to increase their positions in local stocks as the general index is expected to break above 3,300 points, the analyst noted.
Al Harbi advised traders not to currently enter the market until the main index stabilises above 3,350 points.
Translated by: Julian Nabil
