Market up in mid-session

Dubai Financial Market (DFM) opened with a bullish tone on Monday with all sectors trading strong by the mid-session.

At 11.15am, the benchmark index was at 1778.13, up 13.59 points or 0.77 per cent.

Stocks of utilities sector were up highest at 7.92 per cent, followed by financial/investment sector (up 1.69 per cent), real estate (up 1.01 per cent), telecom (up 0.98 per cent), among others.   
       
Stocks pushing the market up were Ekttitab Holding, Al Madina for Finance & Investment, Tabreed, Deyaar Development, Hits Telecom, Arabtec, Drake and Scull International, Union Properties, among others.

Stocks of Emaar Properties were trading up 0.52 per cent at 3.87. On Sunday, DFM closed lower from its previous close mainly because of profit taking and lack of catalysts. However, in October DFM posted a monthly gain of 4.8 per cent.

A number of companies announced their financial results on Monday that seems to be supporting investors’ sentiments. Buying momentum seems to be getting support from good performance in many Asia Pacific markets.

Abu Dhabi Securities Exchange (ADX) was trading flat with the index down marginally by 0.04 per cent.