By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a positive performance on Thursday, spurred by the rise of the blue chips.
The general index rose 0.49% or 16.54 points to reach 3,371 points; the highest level since 2 May.
The market’s rise was backed by the increase of positions in blue chips which targeted important resistance, in addition to oil price rise, the UAE markets analyst Hassan Al Hosni said.
Closure of the general index above 3,350 points gives an “entry” signal for traders, Al Hosni added.
The consumer staples sector was the best performer after adding 2%, backed by the rise of Dubai Parks and Resorts.
The real estate sector gained 0.6% as Emaar Properties and Arabtec Holding grew 0.8% and 0.7% respectively.
The telecom sector topped losers after falling 0.31% due to a decline in du.
Trading volume reached 410.26 million shares on Thursday, compared to 404.6 million shares on Wednesday.
Turnover stood at AED 578.62 million, compared to AED 547.95 million.
The market is likely to continue its gains in the coming sessions, amid the release of reports that highlighted Dubai’s economy improvement, Al Hosni added.
The index targets 3,380-3,400 points, the analyst said, adding that traders should increase their positions in operational stocks.
Translated by: Julian Nabil
