By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) continued to see a positive performance on Tuesday for the second successive session, backed by blue chips especially Dubai Islamic Bank (DIB) and Arabtec Holding.
The benchmark index advanced 0.97% or 31.24 points to reach 3,247.60 points.
The market was significantly backed by the increase of positions in blue chips which reached attractive price levels, according to Raed Diab, vice president of Investment Research Department in KAMCO.
The general index should continue to see more purchases to break above the 3,250-point level, he added.
If Dubai’s main index moves below 3,100 points, it will fall to 3,000 and 2,850 points respectively, Diab noted.
The investment sector topped gainers with a 2.2% increase after SHUAA Capital rose.
The banks sector advanced 1.85% as Dubai Islamic Bank (DIB) levelled up 3.09%.
The real estate sector advanced 0.6% due to an increase in Emaar Malls Group and Arabtec Holding.
On the flipside, the consumer staples sector slid 1.6% as Dubai Parks and Resorts fell 1.5%.
Turnover reached AED 426.12 million on Tuesday, compared to AED 315 million on Monday.
Trading volume stood at 416.98 million shares, compared to 278.27 million shares.
Diab expected the market to maintain its fluctuations on Wednesday.
Translated by: Julian Nabil
