By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets saw an upward trend on Tuesday amid selective purchases of some stocks against exchange of positions in others, and after oil brushed off gains once again, analysts told Mubasher.
Dubai Financial Market (DFM) managed to maintain its positive performance for the fourth session in a row, rising 0.68% or 21.5 points to reach 3,191.81 points.
Dubai Islamic Bank (DIB) and Emaar Properties increased 1.4% and 1.04% in a row.
Turnover reached AED 709.92 million ($193.23 million) on Tuesday, compared to AED 944 million ($257 million) on Monday. Trading volume stood at 661.9 million shares, compared to 872.86 million shares.
GFH was the value leader after generating AED 115.86 million from trading 165.28 million shares through 1,284 transactions.
Abu Dhabi Securities Exchange (ADX) advanced 0.38% or 16.4 points to close at 4,313.57 points.
Abu Dhabi Commercial Bank (ADCB) rose 2.5%, followed by Eshraq Properties, Etisalat and Abu Dhabi Commercial Bank (ADCB) at 1.5%, 0.6% and 0.37% in a row.
Lower oil prices forced some portfolio investors to be cautious, said Wadah Al Taha, member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI).
Al Taha added that most traders tend to speculate to make use of the markets’ fluctuations since the oil crisis erupted.
Turnover amounted to AED 254.4 million ($69.24 million) on Tuesday, compared to AED 378 million ($102.9 million) on Monday. Trading volume stood at 224 million shares, compared to 306.88 million shares.
Eshraq Properties was the value leader after generating AED 68.4 million, with trading volume of 102.17 million shares traded through 552 transactions.
Translated by: Julian Nabil
