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Dubai closes in green as oil price rise

Dubai closes in green as oil price rise
The market is expected to maintain its rise on Sunday (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Dubai-Mubasher: Dubai Financial Market (DFM) maintained its rise on Thursday, backed by the rise of blue-chip stocks.

Rise of oil prices above $50 a barrel pushed traders to increase their positions in blue-chip stocks, pushing the market to maintain its uptrend, capital market analyst Gamal Abdel Hamid told Mubasher.

The market broke above 3,350 points, pushing the general index to approach 3,380 points, Abdel Hamid added.

The consumer staples sector was the best performer after adding 6.5%, backed by the rise of Dubai Parks and Resorts.

The banks sector advanced 2.04% due to an increase in Emirates NBD and Dubai Islamic Bank (DIB).

The real estate sector grew 0.52% as Emaar Properties and Emaar Malls Group went up 1.11% and 1.11%, respectively.

The investment sector was the only loser with a 0.16% decline, weighed by SHUAA Capital which retreated 0.9%.

Turnover reached AED 440.65 million on Thursday, compared to AED 508.3 million on Wednesday.

Trading volume stood at 467.48 million shares, compared to 520.6 million shares.

The market is expected to maintain its rise on Sunday, Abdel Hamid said, adding that the index targets to move above 3,400 points.

Translated by: Julian Nabil