By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) managed to keep its positive performance for the second week in May due to a rise in the real estate, transportation and investment sectors.
The DFMGI gained 1.12% or 37.06 points to reach 3,344.67 points.
The market’s uptrend was mainly attributed to positive speculations on real estate stocks, especially Emaar and Arabtec Holding, in addition to Dubai’s economic recovery and oil prices rise, the UAE markets analyst Mohamed Al Hosni told Mubasher.
Trading volume stood at 1.48 billion shares this week, compared to 1.18 billion shares last week.
Turnover reached AED 1.73 billion, compared to AED 1.68 billion.
The market witnesses selective purchases of blue chips and mid caps which technically reached attractive price levels, Al Hosni added.
Closure of the main index above 3,340 points is technically a positive signal, he said, adding that the market will confirm its uptrend if the index breaks above 3,350 points.
The transportation sector rose 5.5% after Air Arabia advanced 7.5%.
The real estate sector advanced 1.5% due to an increase in Drake and Scull International (DSI), Arabtec Holding, Emaar Malls Group and Emaar Properties by 6.4%, 3.6%, 1.8% and 1.6% in a row.
The investment sector recovered 2.13% after Dubai Investments rose 3%.
The market is likely to exhibit its sideways-to-bearish trend, Al Hosni noted, adding that the investors should not increase their positions in some stocks next week until the general index breaks 3,380 points.
