DFM to breach 2,000 mark

03/06/2009 - Dubai Investment News
DFM to breach 2,000 mark

The Dubai Financial Market (DFM) is moving towards the 2,000 mark, with investors said to be taking stock of the recent rally before making another upward surge.

During trading today, the general index rallied past the 1,990 point before selling pressures suppressed the early gains.

Speaking to Emirates Business, Mohamad Al Beheriri, trading manager at Amanah Financial Services, said that traders needed to take stock of the strong performance of the market in recent days.

"The DFM added 250 points in a week. This is very good rally and the index should rest before continuing its strong upward trend," he said, explaining that the market needs time to absorb profit booking and selling pressures.

Mr Al Beheriri predicted that the DFM could breach the 2,000 mark within the next few sessions.

The DFM has enjoyed steady gains since mid-May, when the index began to move upwards from the 1,650 mark.ADNFCR-2019-ID-19201103-ADNFCR