By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday, the first trading session in June, on a positive note, backed by selective purchases on some stocks.
The DFMGI grew 0.78% or 23.12 points and closed at 2,987.25 points, nearing the 3,000-point level.
Sunday’s meagre gains are in line with expectations; however, trading volumes remain weak, confirming that there is no new or strong purchasing power to prompt the general index to break above new resistance levels, commented market analyst Mohamed Al Azmi.
Today’s rise was due to blue chips such as Arabtec, Emaar Properties, and Dubai Islamic Bank (DIB), the analyst told Mubasher.
Turnover plummeted to AED 195.85 million on Sunday from AED 902.97 million on Thursday, while volumes retreated to 122.53 million shares versus 555.36 million.
The banks sector led risers, adding 1.63% after DIB grew 2.8% to AED 5.2, while the insurance sector added 1.56% after Dar Al Takaful increased 3.4% to AED 0.669.
The services sector gained 1.19% on the back of Tabreed’s 2.98% rise to AED 1.73. Moreover, the real estate sector added 0.59% after Arabtec levelled up 3.08% to AED 2.01, while Emaar Properties increased 2.11% and closed at AED 5.31.
DIB was the most active in terms of value with AED 38.86 million.
Translated by: Nada Adel Sobhi
