By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance for the seventh successive day on Monday, backed by purchases of blue chips and defensive stocks.
The general index rose 0.82% or 29.5 points to reach 3,602.46 points, its highest level since March 2017.
Positive outlook for first-half financials and news related to new initial public offerings (IPOs) led investors to build up new positions in blue chips, pushing the bourse to close higher, according to capital market analyst Hareb Omar.
The real estate sector went up 1.38% after Damac Properties, Arabtec Holding, and Emaar Properties grew 3.7%, 1.7%, and 0.5%, respectively.
The investment sector gained 0.06% after Dubai Investments levelled up 0.4%.
Turnover amounted to AED 445.85 million on Monday, compared to AED 252.25 million on Sunday. Trading volume reached 286.56 million shares, compared to 175.9 million shares.
The main index is expected to rise on Tuesday and near 3,620 points, the analyst added.
Traders should increase their positions in stocks with good solvency, in line with the announcement of H1 financial disclosures, Omar noted.
Translated by: Julian Nabil