By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) continued its upward trend on Monday, backed by most of its sectors, especially investment and transport.
The DFMGI grew 0.31% or 10.87 points and closed at 3,546.23 points.
Turnover increased to AED 589 million ($160.38 million) from AED 436.97 million ($118.99 million) on Sunday. Traded volume also jumped to 586.67 million shares from 366.54 million the day before.
Commenting on Monday’s performance, market analyst Abdullah Al-Aly told Mubasher that selective buying on leading and defensive stocks, as well as the oil price rise and the launch of NASDAQ Dubai’s futures market helped the DFM extend its gains today.
Passing the level of 3,540 points paves the way for a rise towards 3,560 points, the analyst noted.
The investment sector led gainers, adding 1.13%, backed by SHUAA Capital’s 15% surge, and its new role as market market in the new futures market.
The transport sector rose 1.09% after Air Arabia grew 1.5%, while the real estate sector increased 0.34% backed by Union Properties and Emaar Properties, which were up 4.01% and 0.14%, respectively.
The banks sector edged up 0.01% after Emirates NBD added 0.12%.
On the other hand, the services sector was the top loser, falling 1.2% after Tabreed retreated 2%.
It is expected that the DFM will continue its rise on Tuesday, backed by positive news regarding oil and the possibility of an agreement to maintain or reduce production, Al-Aly told Mubasher.
He added that such an agreement would boost investments in stock markets, especially after stock prices have retreated to low and attractive price levels.
Translated by: Nada Adel Sobhi
