By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed in the green zone on Wednesday on the back of some blue chips including Dubai Islamic Bank (DIB).
The DFMGI rose 0.80% to 3,637.55 points after Dubai Investments grew 2.6% to AED 2.4.
DIB gained 0.6% to AED 6.2 after disclosing its financial results, which showed a 10% rise net profits in the first nine months of 2017.
We have noticed an improvement in the DFM’s performance over the past few days on the back of blue chips, which gained after a series of declines, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
It is unlikely that the DFM will witness a sharp decline in the coming period, the analyst said, noting that the market was likely to see some fluctuations alongside some gains when companies release their financials for the third quarter of 2017.
DAMAC Properties added 2.5%, while Emaar Properties went up 1.4% to AED 8.7, and Arabtec Holdings gained 0.6% to close at AED 3.03.
Technically, if the DFMGI exceeds 3,680 points, it will rise to higher levels, but to reach the target of 3,740, the index needs a constant rising trend, Diab explained.
Support levels range between 3,585 and 3,610 points, Diab continued, noting that it was unlikely that the index will retreat below the 3,540-point resistance level on the short term.
The DFM’s turnover shrank to AED 463.03 million on Wednesday from AED 609.3 million on Tuesday, while 324.51 million shares were traded through 5,472 transactions.
DIB was the most actively-traded stock on the DFM in terms of liquidity with a turnover of AED 48.24 million, after 7.77 million shares were traded.
