By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) managed to reverse its negative performance on Tuesday, backed by the rise of the transportation, consumer staples and real estate sectors.
The general index gained 0.22% or 7.28 points to reach 3,313.72 points.
The market’s rise is mainly attributed to investors’ purchases of selective stocks, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
The transportation sector was the best performer after adding 2.9% as Air Arabia rose 3%.
The consumer staples sector grew 2.8% as Dubai Parks and Resorts recovered 0.17%.
The real estate sector went up 0.17% due to a rise in Union Properties and Emaar Properties.
On the flipside, the banks sector was the only loser with a 0.42% decline as Dubai Islamic Bank (DIB) slid 1.9%.
Turnover reached AED 447.78 million on Tuesday, compared to AED 219.9 million on Monday.
Trading volume stood at 365.46 million shares, compared to 151.89 million shares.
Trading activity is still low especially with no positive catalyst likely to appear in the coming period, amid anticipation of regional and global markets are anticipating the outcome of the OPEC and US Fed meetings, Diab added.
The general index approaches the support level at 3,200 points, the analyst said, adding that a break below such level will lead the index down to 3,100 points.
Translated by: Julian Nabil
