The Dubai Financial Market (DFM) index broke through 1,650, a key support level yesterday as banks reported higher than expected third quarter profits. However, the volume of trade was abysmally low with less than Dh88 million worth of shares traded.
Yesterday investors bought major stocks such as real estate major Emaar and construction major Arabtec, which spurred the index’s gains.
Analysts say if the market manages to break the 1,680 resistance level, it would start a bull run provided global macro-economic indicators do not take a turn for the worse.
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