By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) ended January with positive performance, compared to its performance over 2018, after ranking the worst among the GCC peers.
The bourse ended the previous month in green territory, supported by selective purchases on blue-chip stocks, especially the banks sector.
The general index levelled up 1.5%, or 37.84 points, ending 2019 first month at 2,567.59 points.
Investors are optimistic about the financial results of 2018, especially the banks sector’s earnings reprots, which affected the market positively over the month, analysts told Mubasher.
By the end of January, the consumer staples sector topped risers with 12.5% as DXB Entertainments levelled up 14.6%, while the investment sector increase by 4.33% on the back of DFM Company’s 5.3% growth.
The performance of the consumer staples sector was the best among the rest sectors after a sharp decline in 2018, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
He added that the real estate sector has continued suffering as demand problems led to lower expectations regarding prices and rents.
However, the insurance sector went up 4.30% as Islamic Arab Insurance Company (SALAMA) and Dubai Islamic Insurance and Reinsurance Company (AMAN) rose 13.61% and 11.36%, respectively.
Similarly, the banks sector jumped 3.35% as the heavyweight Emirates NBD and Dubai Islamic Bank (DIB) advanced 7.3% and 2%, respectively.
On the negative side, the transportation sector headed decliners with 1.49%, followed by the real estate sector with 0.9%.
Selective purchases on the banks’ stocks lent a significant support to the market, a senior financial analyst at Mena Corp Issam Kassabieh noted.
He expected a continuous improvement in the market’s liquidity and performance during the coming period, coinciding with announcing the financial results of the DFM’s listed companies.
Translated by: Kholoud Mohamed Hussein
