By Thabet Shehata
Dubai – Mubasher: Dubai Financial Market wrapped up the week on a positive note, backed by major sectors mainly real estate and banks.
The main index rose 4.36% or 46 points during the week to close at 3,073.07 points, compared with 2,944.67 points last week.
The market was down on Sunday, but snapped the decline during the other four sessions, in anticipation for the decision of the U.S. Federal Reserve on interest rate.
UAE stock market showed remarkable improvement as investors awaited the Fed decision, said analyst Waddah Al Taha.
The decision to raise interest rate signals the Fed confidence on strong growth of U.S. economy, lower impact from oil decline and slowdown in China's economy, he added.
Sectors were collectively in green, topped by real estate that rose 8.75% backed by Emaar (+11.5%) and Arabtec (+11%).
Insurance was the sole decliner (-0.61%), while industrial remained unchanged.
Banks also rose by 1.46% after DIB, Amlak and Emirates NBD rallied by 4.8%, 11% and 1.37% in a row.
The investment sector also advanced by 3.11% supported by Dubai Investments and DFM Company that rose by 2.6% and 6.4% respectively.
The telecoms sector gained 1.8% after du stock advanced by AED 5.050.
The weekly traded value rose by 17.6% to AED 1.76 billion from AED 1.5 billion. Traded volume also increased by 28% to 1.38 billion shares from 1.07 billion shares.
Translated by Sayed Abdel Rahman
