By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) closed Monday's trading session in the green, backed by blue-chip buying, according to an analyst.

The DFMGI grew 0.31% or 10.62 points to 3,463.84 points. Turnover reached AED 279.84 million, down from Sunday's AED 293.78 million, while traded volume fell to 210.43 million shares traded against 272.14 million in the previous session.

The banks sector led gainers, adding 0.86% on the back of Dubai Islamic Bank's (DIB) 1.56% rise, while the transport sector increased 0.81% as Aramex and Gulf Navigation grew 1.31% and 0.7%, respectively.

Real estate edged up 0.09% after Arabtec surged 3.21% ahead of its upcoming shareholder meeting which will decide whether or not the company will continue its operations, while Emaar Properties added 0.28% ahead of its general meeting later today.

On the other hand, the telecoms sector and its stock du dropped 1.17% after the company announced the date for disclosing its first quarter financial results.

Commenting on the DFM's performance on Monday, market analyst Ahmed Ismail noted that the market's recent stability is an indicator of upcoming positive news.

The DFM is likely to see fluctuations until the market trend becomes clearer, he told Mubasher.

The DFMGI needs to "jump" towards 3,520 points to attract buyers and to target 3,570 points, the analyst said, noting that falling below support at 3,450 will push the DFM further down towards 3,390 points.

Translated by: Nada Adel Sobhi