On Tuesday, the DFM index gained 3.17 per cent to reach 4,067.67, while the ADX general index rose 0.62 per cent to end at 4,579.40.
Despite the incline in the DFM index, some of Dubai's powerhouses ended the day's trade in the red. These include
Other stocks rose, as
Real estate developer,
The company's share prices had dropped 16.45 per cent in the last two days, and a total of nearly 30 per cent in the past week alone.
As for the markets as a whole, he attributed the rise in indexes to a correction following a period of decline.
"The DFM index had dropped below 4,000, and it is now trying to bounce back above that level, but I consider this a mere correction; there isn't any real purchasing activity in the market," the analyst said.
"During July, I expected the DFM index to end between 3,500 and 4,300. In order for the index to grow, it will need to break a resistance of 4,590, but this is a remote possibility, and I do not expect it to happen," he said
On Tuesday, the DFM index opened at 3,942.82, and plunged to a low of 3,731.59 shortly after
Of the 31 stocks traded on DFM, 15 went up, 15 went down, and one remained unchanged. Of the 31 stocks traded on ADX, 17 declined, nine advanced, and five remained flat.
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