By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets witnessed a positive performance on Monday amid positive speculative bets on blue chips, according to analysts.
Dubai Financial Market (DFM) increased 2.47% or 76.37 points to end at 3,170.27 points.
Abu Dhabi Securities Exchange’s (ADX) main index gained 2.10% or 88.26 points to close at 4,297.19 points.
The UAE stock markets rose amid positive speculative orders on blue chips before entering an expected recession in the global markets, said global and UAE markets analyst Mesbah Al-Mazrouei.
In Dubai’s market, Dubai Investments added 5.46%, and Emaar Malls Group gained 3.9% to come in second, followed by Dubai Islamic Bank, Emaar Properties and Arabtec Holding which rose 3.6%, 1.9% and 1.7% in a row.
Turnover reached AED 944 million ($257 million) on Monday, compared to AED 465.15 million ($126.64 million) on Sunday. Trading volume stood at 872.86 million shares, compared to 470 million shares.
GFH jumped 8.03% and saw the highest trading activity since mid-2015, with turnover of AED 201.24 million.
The DFMGI is seeing a downward trend on the medium term since it is below 3,600 points, while Dubai’s stock market will have a chance to become stronger if the index reached 3,102 points, said Ahmed Al-Hosni, head of technical analysis department at Traders Chamber.
As for Abu Dhabi’s market, First Gulf Bank and Dana Gas topped gainers with a 4.08% growth each, followed by Eshraq Properties, Etisalat and Agthia Group at 3.2%, 1.8% and 1.6%, respectively.
Turnover amounted to AED 378.04 million ($102.9 million) on Monday, compared to AED 226.5 million ($61.7 million) on Sunday. Trading volume reached 306.88 million shares, compared to 220 million shares.
Eshraq Properties was the value leader after generating AED 91.2 million from trading 141 million shares though 646 transactions.
Al-Zahouri pointed out that 4,150 points will become the support area for the Abu Dhabi’s main index, if the market saw declines throughout this week, saying that level will not be broken below.
Translated by: Julian Nabil
