By: Mahmoud Gamal

Dubai-Mubasher: The Dubai Financial Market (DFM) saw a bullish performance on Wednesday for the seventh successive session, spurred by the rise of blue chips.

The general index went up 1.35% or 46.43 points to reach 3,483.94 points.

The banks sector topped gainers after adding 2.29% as Dubai Islamic Bank (DIB) grew 1.97%.

The investment sector advanced 1.97% after Dubai Investments recovered 2.4%. The telecom sector increased 1.7% due to a rise in du by 1.7%.

The real estate sector levelled up 0.98%, backed by Drake and Scull International (DSI) and Emaar Properties which increased 1.98% and 1.36% respectively.

Dubai market reacted positively with the rise of global markets after Brexit fears eased, according to capital market analyst Gamal Abdel Hamid.

Portfolio investors directed their investments towards blue chips, pushing the index to break 3,450 points and move above 3,470 points, Abdel Hamid noted.

On the flipside, the consumer staples sector led losers with a 0.63% decline as Dubai Parks and Resorts fell 0.62%.

Trading volume reached 529.69 million shares on Wednesday, compared to 385.75 million shares on Tuesday. Turnover stood at AED 687.18 million, compared to AED 494.01 million.

DFM is expected to continue its rise on Thursday, the analyst said, adding that traders should increase their positions.

Translated by: Julian Nabil