Dubai Financial Market (DFM) ended the week with the trading remaining sideways after a volatile session. The benchmark index closed at 1,689.45, up 15.76 points or 0.94 per cent, with all sectors posting gains on Thursday.
Union Properties, Takaful Emarat, Ekttitab Holding Company, Emirates NBD, Shuaa Capital were among the top gainers.
Analysts however believe the market is near the critical resistance level of 1720, which must be crossed to let the bulls take over.
“We must see a close above 1720 on DFMGI for the bullishness to continue,” Shiv Prakash, Head Technical Analyst, CapitalTA, a trading advisory firm on Indian, UAE, Forex, and commodity markets said.
He said DFMGI index traded sideways in the range of 20 points from the lows of 1669 to the highs of 1690.19 and closed up by 0.94 per cent at 1689.45 and is below the critical resistance levels of 1720.
The market volume touched around 116 million, worth close to Dh177 million of shares traded.
The market breadth was positive with 17 gainers against just 2 decliners.
Emirates 24|7
