Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index rose 0.85%, or 29.8 points, to 3,525.59 points on Tuesday on the back of blue chips collection and the positive expectations regarding the companies’ financial results.

The DFM rose after the technical correction in the previous session, which was expected, vice president of Investment Research at KAMCO Raed Diab told Mubasher.

With further optimistic investors and more stable economy, the bourse will see a strong stock-collection trend in the coming sessions, Diab added.

Traders are still waiting for disclosures, hoping for reasonable dividends, he noted.

The real estate sector topped the DFM’s gainers, rising 1.4%, after Emaar Malls and DAMAC Properties surged 3.14% to AED 2.3 and 2.6% to AED 3.49, respectively.

Emaar Properties added 1.5% to AED 7.3, while Arabtec Holding levelled up 0.7%.

The investment sector went up 0.9%, as the DFM Company and Dubai Investments increased by 0.8% to AED 1.16 and by 0.8% to AED 2.5, respectively.

 The transportation sector added 0.7% after Gulf Navigation soared 4.6% to AED 1.13, while the insurance sector grew 0.5%, as Salama increased by 0.4%.

The banks sector levelled up 0.41% after Emirates NBD rose 1.8% to AED 8.45, pushed up by its financial results, which showed a 15% increase in the lender's net profits during 2017.

The DFM’s trading volume dropped 35% to 234.52 million shares from 359.94 million on Monday, while the market’s turnover soared 88.13% to AED 452.79 million, compared to AED 240.67 million in the previous session.

The DFMGI’s ceiling stabilised at 3,525 points and breaking above which would boost the index to test resistance at 3,550 points, Diab explained.

Profits-taking’s negative impact is not likely to mitigate over the next short period, but it will not to be severe, the analyst concluded.

Translated by: Muhammad Khalid