Feb 06 2012 |
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DFM hits 4-month high
By Muzaffar Rivi DUBAI -- The Dubai Financial Market 's General Index, or DFMGI, on Sunday opened the week on positive note. The main index hit a four-month high as trading volumes rose due to improved sentiment in the market after strong quarterly earning results reported by some listed companies.Investors eyed some attractive valuations as risk appetite improved amid hopes of better corporate results and a more stable global economy.
The benchmark index rose 2.15 per cent to 1,466.84 points, its highest finish since September 21. Trading volumes also increased to 139.16 million shares from 135 million traded on Thursday.
The real estate sector was the top gainer, increasing by 4.55 per cent. Emaar Properties climbed 3.24 per cent while Deeyar Properties soared 4.42 per cent after the company announced that it managed to alter 2010's net loss of Dh2.87 billion into Dh37.7 million worth of profits this year.
"The index rose sharply penetrating resistance level of 1,460 points. The current rise is expected to continue towards resistance zone 1,490-1,500 points," according to a technical analysis by Mubasher Info.
In regional markets, most indices ended higher. Saudi main index rose 0.4 per cent to 6,759 points and Doha's main index rose one per cent. Kuwait's market was little changed at 5,858 points. Markets in Egypt, Oman and Bahrain were closed for a holiday.
© Khaleej Times 2012
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