Mubasher TV
Contact Us Advertising   العربية

DFM closes Tuesday in green

DFM closes Tuesday in green
Trader at Dubai's bourse (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Tuesday, backed by build-up of new positions in blue chips especially in the investment and real estate sectors.

The DFMGI added 0.50% or 17.38 points to reach 3,494.87 points.

The market’s gains were supported by the rise of blue chips, yet investors are still cautious amid the absence of catalysts and low institutional liquidity, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.

The investment sector topped gainers with a 1.97% rise as Dubai Investments and DFM Company added 2.5% and 0.78% respectively.

The services sector increased 1.3% as Tabreed levelled up 4.35%. The real estate sector climbed 0.46% after Emaar Properties and Arabtec Holding advanced 0.68% and 0.12% respectively.

On the flipside, the banks sector led losers with a 0.09% decline after Emirates NBD and Dubai Islamic Bank (DIB) sank 3.5% and 1.27% respectively.

The market saw trading of 144.07 million shares, with a turnover of AED 298.19 million.

The market’s liquidity should be supported by the investments of portfolio and institutional investors, the analyst noted.

The DFMGI sees support at 3,450 points, he said, adding that the index will decline to 3,400-3,360 points if it falls below the support level.

The index will rise to 3,560-3,600 points if it moves above its resistance at 3,520 points, Diab noted.

Translated by: Julian Nabil