By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) reversed the downtrend it witnessed for two sessions on Tuesday, backed by the rise of real estate stocks led by Emaar Properties.
The DFMGI rose 0.35% or 11.37 points to reach 3,301.74 points.
The market’s gains were mainly attributed to the increase of positions in real estate stocks which reached attractive price levels, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
The general index needs to exit the zone of 3,250-3,420 points so that the market’s trend becomes clearer, Diab added.
Closure of the index above 3,300 points confirms that Dubai bourse is technically continuing its correction, the analyst noted.
The real estate sector topped gainers with a 1.2% rise as Emaar Properties and Emaar Malls Group advanced 1.2% and 2.2%, respectively.
The banks sector edged up 0.02% due to an increase in Emirates NBD by 0.6%.
Emaar’s stock sees resistance at AED 6.44, yet the closure above AED 7 is important for the stock to confirm its uptrend, Diab explained.
The industrial sector led losers after falling 9.9%, weighed down by National Cement Company.
The transportation sector retreated 1.24% as Air Arabia fell 1.5%.
Turnover grew to AED 255.78 million on Tuesdayfrom AED 232.46 million on Monday.
Trading volume reached 196.67 million shares, compared to 232.46 million shares.
Dubai bourse is likely to continue its fluctuations on Wednesday, capital market analyst Majid Al-Harbi said, adding that traders should not increase their positions till the index reaches 3,400 points.
Translated by: Julian Nabil
