By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) closed at a rise on Thursday, backed by active trading on blue chips.
The general index reached 3,311.10 points after adding 1.21% or 39.72 points, its highest gains in six weeks.
The banks sector topped gainers after adding 1.57% as Dubai Islamic Bank (DIB) and Emirates NBD went up at close.
The real estate sector increased 1.06% due to a rise in Emaar Properties, Arabtec Holding and Emaar Malls Group.
The investment sector recovered 0.72% after DFM Company and Dubai Investments closed higher.
Dubai bourse was backed by the rise of gulf stock markets after absorbing the shock of the Brexit vote, in addition to portfolio investors’ tendency to improve the semi-annual closures, according to capital market analyst Nawaf Al-Ajmi.
Closure of the index above 3,300 points gave a "positive signal" for traders to enter the market and invest in blue chips, Al-Ajmi added.
Trading volume fell to 134.27 million shares on Thursday, compared to 246.24 million shares on Wednesday. Turnover amounted to AED 239.78 million, compared to AED 355.19 million.
Al-Ajmi expected the index to target its resistance at 3,370 points to reach 3,400 points again.
Translated by: Julian Nabil
