The Dubai Financial Market (DFM) index returned to the positive territory yesterday on high volumes on the back of higher international oil prices and improved investor confidence in the European and Asian markets which allowed market participants waiting on the sidelines to lap up some of the attractively-valued stocks.
Yesterday, the Dubai market witnessed some aggressive buying by investors in real estate major Emaar and DP World stocks. However, selling by investors in Arabtec’s stock pared the index’s gains.
The DFM index closed at 1,591.62 on low volumes with 1,600 seen as the next resistance level. Analysts say a close above 1,600 on high volumes would indicate greater upside movements on the market in the days ahead. Around 168.65 million shares, cumulatively worth about Dh328.25 million were traded on the Dubai stock market yesterday. As many as 10.69 million Emaar shares, cumulatively valued at around Dh38.2 million were traded, its stock closing 0.56 per cent higher at Dh3.58.
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