By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) witnessed gains on Tuesday, backed by the rise of blue chips especially Emaar Properties and Dubai Islamic Bank (DIB).
The general index rose 0.13% or 10.94 points to reach 3,521.89 points.
The market was significantly backed by the buildup of positions especially blue chips which reached attractive price levels, capital market analyst Gamal Abdel Hamid said.
Stability of oil prices above $44 and news of possible talks to restrain oil output contributed to the market’s gains, Abdel Hamid noted.
The transportation sector topped gainers after adding 1.29% as Air Arabia advanced 2.07%. Likewise, the investment sector went up 1.11%, spurred by Dubai Investments which levelled up 1.42%.
The real estate sector increased 0.6% due to a rise in Emaar Properties by 0.8%. In addition, the heavyweight Dubai Islamic Bank (DIB) climbed 0.37%.
On the other hand, the consumer staples retreated 0.56% as Dubai Parks and Resorts slid 0.6%.
Turnover grew 20.8% to AED 353.46 million on Tuesday, compared to AED 279.98 million on Monday. Trading volume also went up 2.11% to 214.42 million shares from 219.06 million shares.
If the market manages to exit its downward trend and continues seeing strong purchases, the main index will break 3,555 then 3,535 points, Abdel Hamid explained.
Translated by: Julian Nabil
