By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) witnessed gains for the second session in row on Monday, backed by active trading on blue chips.
The general index reached 3,657.11 points after gaining 98.43 points or 2.77%, it highest rise since March 2016.
Dubai’s local stocks were positively affected by the agreement reached between OPEC and non-OPEC members on Saturday to cut oil production, according to UAE markets analyst Mohammed Al Hosni.
The UAE markets saw the entry of significant liquidity on the back of investment funds’ trading on blue chips, the analyst noted.
The real estate sector topped gainers with a 4.35% rise as Union Properties, Arabtec Holding and Emaar Properties went up 8.3%, 5.15% and 5.14% respectively.
The investment sector added 2.38% after DFM Company and Dubai Investments grew 3.8% and 2.6% respectively.
The transportation sector climbed 1.15% due to an increase in Air Arabia by 2.3%, while the banks sector rose 0.7% after Dubai Islamic Bank (DIB) advanced 0.3%.
On the flipside, the consumer staples sector fell 0.5% as DXB Entertainments retreated 0.5%.
The market saw trading of 1.43 billion shares through 12,210 transactions, with a turnover of AED 1.85 billion.
The bourses will see further gains, with the main index of Dubai bourse is likely to break above 3,680 points, Al Hosni added.
Translated by: Julian Nabil
