By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) maintained its positive performance for the second session in row on Monday, backed by the purchases of blue chips.
The general index rose 0.22% or 7.6 points to 3,392.90 points, its highest level since last May.
The market’s rise was backed by reports that confirmed the sustained recovery of Dubai’s economy, in addition to the increase of positions in blue chips, capital market analyst Omar Harb said.
The real estate sector topped gainers after adding 1.07% as Emaar Malls Group and Emaar Properties advanced 2.45% and 1.42% respectively.
The investment sector grew 0.26% as DFM Company levelled up 1.54%.
Some speculators switched their positions from Arabtec Holding to Emaar which targets AED 6.50-6.70, Harb noted.
Arabtec retreated 1.99% AED 1.48 after generating AED 120 million.
The banks sector led losers after falling 0.12% as Dubai Islamic Bank (DIB) slipped 0.2%.
Trading volume reached 374.27 million shares on Monday, compared to 274.58 million shares last Sunday. Turnover stood at AED 505.57 million, compared to AED 385.98 million.
The market's main index is expected to continue its rise and approach 3,415 points, Harb said, adding that traders should increase their positions in stocks with good solvency.
Translated by: Julian Nabil
