By Thabet Shehata
Dubai – Mubasher: Dubai Financial Market (DFM) showed a bullish performance this week, amid an uptrend in all sectors, coupled with upbeat sentiment following the oil price rebound.
The index rose by as much as 3.74% or 111.4 points to end at 3,092.89 points, compared with 2,981.48 points a week earlier.
The GCC stock markets are likely to see a temporary speculative upturn backed by the rebound of oil price, said technical analyst Abdullah Al Jabali.
Sectors were in green, except for telecoms that was in red and industrial that remained unchanged.
The investment sector was the biggest gainer (+10.2%) backed by Dubai Investments and DFM Company that rose by 12.4% and 7.3% in a row.
Ibrahim Al Failakawi, technical analyst, said the rebound in oil prices may offset the negative impact from S&P's downgrade of three GCC countries.
The real estate sector advanced by 4.47% after Emaar and Emaar Malls gained 6% and 5.3% respectively.
The banks sector gained 1.74% backed by DIBZ (+4.7%), while Emirates NBD shed 0.45%.
The weekly liquidity amounted to AED 2.13 billion, down 8.8% from AED 2.3 billion, while the traded volume rose by 17.7% to 1.98 billion shares from 1.7 billion shares.
Translated by Sayed Abdel Rahman
