By: Thabet Shehata
Dubai – Mubasher: The Dubai Financial Market (DFM) ended March and the first quarter of 2015 in the green, reversing its direction in the second half of the session, backed by the banking and real estate sectors.
The DFMGI surged 70 points or 2.02% to 3,514.4 points, registering its third straight rise and regaining the level of 3,500 points.
The real challenge for UAE markets is to continue rising, analysts told Mubasher.
Talal Al-Khoury, chairman of Al-Awael Holding, said that UAE markets on Tuesday got strong support from closing financial positions at the end of March and Q1-15.
Funds and portfolios, especially foreign ones, sought to improve their closings, resulting in positive performance in the markets despite weak liquidity, Al-Khoury told Mubasher via phone.
Tuesday’s gains were accompanied by improved turnover, reaching AED 471.6 million as 241.15 million shares were exchanged against Monday’s AED 328.2 million on 220.47 million traded shares.
The banking sector was the highest gainer, rising 2.92% as Dubai Islamic Bank (DIB) grew 2.65% and Emirates NBD topped the rising stocks and surged 6.2%.
The investment sector added 1.8% as Dubai Investments increased 3%. Gulf General Investments Co. (GGICO) also performed positively, overcoming losses by DFM Company and SHUAA Capital.
The real estate sector rose 1.67% as Emaar Properties gained 1.38%. DAMAC, Emaar Malls, Union Properties and Deyaar also performed positively and helped overcome declines by Arabtec and Drake & Scull International (DSI).
The telecom sector and its stock du grew 0.80% to AED 4.900.
Al-Khoury said he expects markets to resume their gains once more starting Wednesday amid continued negativity and investors’ caution.
Translated by: Nada Adel Sobhi
