DFM and ADX close firmer
Dubai Financial Market (DFM) continued its momentum on Tuesday with all sectoral indices ending in positive terrain, pushing the benchmark index to 1487.28, up 13.57 points or 0.92 at the end of trading session.All sectors posted gains with the real estate, finance and telecom leading the way
All sectors posted gains with the real estate, finance and telecom leading the way. The index touched a high of 1487.89 and low of 1471.81 in Tuesday’s trade.
Dubai Investments (1.79 per cent), Emaar Properties (1.90 per cent), du (1 per cent), Emirates NBD (2.07 per cent), GGICO (4.17 per cent), Takaful House (4.99 per cent) and Union Properties (2.25 per cent) were amongst the top index gainers.
“Overall, for the coming sessions 1460 to 1490 shall be the trading range. Until Ramadan is over we will be seeing sideways trading sessions as main operators are out,” said Shiv Prakash, Senior Technical Analyst at MAC Capital Advisors.
DFM has broken the previous support of 1490 and if the market breaks the current level of 1460, the next support level shall be 1430, he said
DFM General Index (DFMGI) after a break below the supports of 1490 witnessed selling pressure making markets to close lower almost near the support levels of 1460. The sideways trend may continue further if maintains above the support levels. Any close below 1460 shall ignite a sell off until the next support levels of 1430 in the near term, noted a report by MAC Capital Advisors.
Volume slightly edged up to around 45 million (from Monday’s 36 million) worth Dh64 million (up from Monday’s Dh54m) at the end of trading, with 12 stocks trading up, 8 down and 5 unchanged.
Investors are in a hope that there should be some activity seen after Ramadan. Volumes are very low and not much of the trading activity seen. Some are waiting for a bounce to exit and few seen trading the thin range, noted the MAC Capital Advisors report.
Abu Dhabi Securities Exchange (ADX) also moved up marginally by 0.79 point to close at 2,494.55.
Market volume rose to 42 million from yesterday’s 30 million, equalling shares worth more than Dh113m from yesterday’s Dh62m.