DFM up in mid session, ADX down

Positive investors’ sentiments seem to be driving Dubai Financial Market (DFM) on Monday, though trading remains lukewarm.

At 11.37am, the benchmark index was 1,661.35, up marginally by 1.85 point or 0.11 per cent, with all sectors except telecom and financial/investment sectors pushing the market up.

Out of 18 stocks being traded, 7 have managed to advance.

The market seems to be reacting positively to Dubai recovery news, especially to the speech given by Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Supreme Fiscal Committee at a media forum on Sunday.

He stressed that "the future in Dubai is bright" and that the increasing population and inbound businesses is the best demonstration to Dubai's ability to compete, according to Wam.

"The slowdown that took place over the last two years gave us in Dubai the opportunity to think, regroup and return to basics in order to leverage on our core, tried and tested competitive edge," Sheikh Ahmed said.

Positive investors’ sentiments also seem to be getting fed by the mixed performance of the Asia Pacific markets. Some of the major Asia Pacific indices such as Hang Seng, BSE 30, Nikkei 225, Taiwan Weighted were trading up as per the latest data.

Abu Dhabi Securities Exchange (ADX) however is down. At 11.47am the index was trading 9.16 points down at 2,740.51.