By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance on Monday, backed by the increase of positions in blue chips topped by Emaar Properties and Arabtec Holding.
The general index rose 1.37% or 47.87 points to reach 3,539.33 points.
The markets’ rebound is backed by the creation of First Abu Dhabi Bank, a bank that resulted from the merger of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), according to Wadah Al Taha, member of the National Advisory Board of Chartered Institute for Securities & Investments (CISI).
The new bank will give investors more confidence to trade UAE stocks, Al Taha added.
The services sector topped gainers with a 3.6% increase as Tabreed added 5.4%.
The real estate sector added 1.77% after Arabtec Holding and Emaar Properties grew 2.4% and 1.8%, respectively.
The investment sector increased 1.35% as DFM Company and Dubai Investments went up 4% and 0.8%, respectively.
On the other hand, the industrial sector was the worst performer with a 9.8% decline as National Cement Co levelled down 9.8%.
The rise of oil prices above $50 per barrel (pb) encouraged investors to make new purchases, according to financial analyst Salam Saeed.
Translated by: Julian Nabil
