By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) continued its positive performance on Sunday, backed by the rise of five sectors led by the real estate.
The main index advanced 0.45% or 14.88 points to reach 3,355.37 points.
The market’s rise was mainly attributed to speculations, which resulted from delayed corporate results, technical analyst Salam Saeed told Mubasher.
Positive rebound of the market is “not enough” amid anxiety over third-quarter financials which are expected to boost confidence in stocks and raise the market’s liquidity as a result, the analyst said.
Trading volume reached 220.68 million shares on Sunday, compared to 436.64 million shares last Thursday. Turnover stood at AED 300.99 million, compared to AED 627.56 million.
The services sector topped gainers with a 1.66% rise as Amanat Holdings added 2.26%.
The real estate sector went up 1.35% after Emaar Properties grew 2.26%. The banks sector rose 0.08% as Dubai Islamic Bank (DIB) gained 0.2%.
Rise of Emaar is insufficient to support the market against continuous profit-taking, Saeed explained.
On the other hand, the investment sector fell 0.7% due to a decline in DFM Company by 1.65%.
The main index sees resistance at 3,375-3,400 points, the analyst concluded.
Translated by: Julian Nabil
