By: Mahmoud Gamal

Dubai-Mubasher: The Dubai Financial Market (DFM) saw an upward trend for the fourth session in row on Wednesday due to a rise in blue-chip stocks led by Emaar Properties and Arabtec Holding.

The general index closed at 3,308.77 points after adding 1.8%; the highest gains since 12 April.

The market’s rise was backed today by the stability of oil prices above $49, in addition to the increase of positions in some stocks especially blue chips, capital market analyst Salam Saeed said.

Closure of the market above 3,300 points will push the index to approach 3,380 points in the coming sessions, Saeed added.

The consumer staples sector topped gainers with a 5.5% growth, backed by the rise of Dubai Parks and Resorts.

The real estate sector went up 2.1% as Arabtec Holding and Emaar Properties rose 2.1% and 3.9%, respectively.

The investment sector advanced 1.4% after Dubai Investments saw a positive performance.

The banks sector went up 0.5% due to an increase in Dubai Islamic Bank (DIB).

On the flipside, the transportation sector was the only loser after falling 0.3%, pressured by the decline of Aramex and Gulf Navigation Holding.

Turnover reached AED 508.3 million on Wednesday, compared to AED 426.12 million on Tuesday.

Trading volume stood at 520.6 million shares, compared to 416.98 million shares.

The market managed to continue its positive performance on Thursday, Saeed said, adding that the index targets to break above 3,373 points.

Translated by:Julian Nabil