By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index recoded its highest level in five months on Tuesday on the back of blue chips.
The DFMGI rose 1.17%, or 39.94 points, to 3,453.99 points.
The UAE’s markets maintained their positive performance on Tuesday with a strong buying trend, technical analyst Gamal Abdul Hamid told Mubasher.
The banks sector topped the DFM’s gainers, growing 1.8%, after Mashreq Bank surged 6.7%, while Dubai Islamic Bank (DIB) went up 1.66%.
The services sector levelled up 1.5%, pushed up by Tabreed, which soared 4.4% to AED 1.9.
The transportation sector added 1.13%, after Gulf Navigation gained 3.8%, while the investment sector rose 0.9%, on the back of the DFM Company, which increased by 1.8%.
The real estate sector went up 0.7%, while DAMAC Properties and Arabtec Holding added 1.5% and 1.2%, respectively.
The market's liquidity exceeded AED 600 million for the first time in over a month amid approaching listing of heavy and operational stocks, Abdul Hamid continued.
The DFM’s trading volume increased to 391.11 million shares from 318.8 million shares on Monday, while the market’s liquidity grew to AED 600.14 million, compared to AED 524.1 million in the previous session.
The buying trend is expected to hold until the end of 2017, the analyst concluded, noting that the DFMGI would target 3,434-point and 3,476-point levels on 13 December.
Translated by: Muhammad Khalid
