Dubai-Mubasher: Dubai Financial Market (DFM) closed out the week in green, helped by the strong performance of Arabtec.
The benchmark rose 0.76% or 24.44 points to reach the 3,252.22 level.
However, the market witnessed a thin trading activity compared with Wednesday. Turnover declined to AED 966.1 million (nearly $1 million) from AED 2.025 billion. Trading volume also fell to 670.6 million shares from 1.32 billion shares.
The real estate sector was the top advancer, with a gain of 1.62%. It was fuelled by Arabtec which advanced 8%, recording a turnover of AED 449.6 million on news that a major shareholder boosted his stake in the developer.
The telecom sector moved 1.53% higher on du that added 1.52%.
Meanwhile, the banking sector declined 0.02%, hit by Dubai Islamic Bank which lost 0.47%.
Analysts told Mubasher that the UAE markets are still expected to show bullish performance in the long run.
Translated by Abdul Maguid Aboshahla
