By: Mahmoud Gamal

Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Thursday, backed by active trading on blue chips.

The main index stood at 3,513.57 points after rising 14.96% or 67.49 points, its highest gains in 14 sessions.

The real estate sector topped gainers after adding 2.67% as Emaar Properties and Arabtec Holding advanced 2.8% and 2.7% respectively.

The investment sector also grew 2.65% as DFM Company and Dubai Investments went up 3.03% and 2.93% respectively.

The consumer staples sector increased 1.8% after Dubai Parks and Resorts climbed 1.86%. The banks sector also rose 1.4% due to a growth in Dubai Islamic Bank (DIB) by 2.46%.

Oil price recovery and keeping interest rates unchanged by the Federal Reserve pushed portfolio investors to increase their positions, boosting the market to close higher, according to financial analyst Nawaf Al-Ajami.

Closure of the DFMGI above 3,500 points gave an “entry” signal for traders, Al-Ajami said, adding the market will not maintain its upward trend until the index stabilises above 3,530 points.

Trading volume reached 266.77 million shares on Thursday, compared to 215.77 million shares on Wednesday. Turnover stood at AED 384.97 million, compared to AED 274.95 million.

The main index is likely to move to its resistance at 3,540 points and may be 3,600 points as the third-quarter financials approach.

Translated by: Julian Nabil