By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) managed to maintain its positive performance on Tuesday, backed by Emaar Properties and Dubai Islamic Bank (DIB).
The general index rose 0.12% or 3.6 points to reach 2,919.64 points.
The rise of oil prices on Tuesday was attributed to better investors' sentiment, said Al-Sharhan Centre General Manager Gamal Agag.
The market’s upward trend is spurred by selective purchase of some leading stocks, mainly Emaar, Dubai Investments and Arabtec Holding which gained 2.11%, 1.07% and 0.82%, respectively.
Turnover reached AED 274.53 million ($74.72 million) on Tuesday, compared to AED 319.27 million ($86.9 million) on Monday. Trading volume stood at 216.96 million shares, compared to 228 million shares.
Sector-wise, services gained 1.36% as Amanat Holdings added 1.85%.
The real estate sector rose 1.23%, backed by Damac Properties, Emaar Properties and Arabtec Holding.
The investment sector fell 1.15% after Al Salam Group Holding and DFM Company retreated 5.25% and 1.82%, respectively.
The telecom sector declined 0.60% as du slid 0.6%.
Analysts told Mubasher that the recent declines that markets were suffering from are “unjustified” as UAE’s economy is relatively strong.
Translated by: Julian Nabil
