By Bedor El Raie:
Dubai-Mubasher: Dubai Financial Market (DFM) ended Monday’s trading on a positive note, extending its winning run to the third successive session. The market pared some of the losses seen last week.
The benchmark index DFMGI rose 2.30% or 86.52 points to close at 3851.87 points.
Meanwhile, trading activity lost momentum compared with Sunday’s levels, as turnover declined to AED 1.33 billion from AED 2 billion, and traded volume fell to 785 million shares from 1.14 billion shares.
The rise of Dubai market on Monday outpaced the rally on Sunday, which shows that investors carried out ‘smart’ buying trades to offset their previous losses, said Fadi Al Ghatis, CEO, THINK.
He added that, excluding the previous two sessions, Monday’s trading activity is the biggest since October.
“Generally speaking, the continued rise for the third successive session is a positive sign and signals a near end to correction,” Ghatis said.
He expected the market to inch lower in coming sessions, but not with as much severity as seen in previous days.
The investment sector saw active buying during the last thirty minutes, rising 10.05%, backed by Dubai Investments (+9.60%).
The banks sectors also added 2.16% helped by Emirates NBD (+6.80%) and CBD (+1.54%).
The real estate grew 1.99% boosted by Emaar Properties (+1.56%) and DSI (+10.64%). Meanwhile, the sector gains were trimmed by Arabtec (-1.30%).
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters