By Thabet Shehata
Dubai – Mubasher: Dubai Financial Market (DFM) extended its positive performance for the second successive week, backed by a collective rise in sectors, as it gained around AED 19 billion ($5.2 billion) this week after oil prices rebounded and major listed companies posted strong results.
The main index rose by as much as 7% or 201.2 points to end the week at 3,058.42 points, compared with 2,857.24 points last week.
Market capitalisation increased by 6.7% to AED 303.684 billion ($82.68 billion), from AED 284.53 billion ($77.48 billion).
GCC stock markets, including UAE's twin bourses, became more affected by external factors in recent period, especially oil prices, said Ehab Rashad, CEO of Mubasher for Securities.
He added that UAE stocks saw re-positioning on select shares, as oil prices rebounded and some major companies posted positive results.
The telecommunication sector was the top gainer, with a rise of 16.54%, followed by real estate (+8.7%), then banks (+5.2%) and investment (+4.95%). Industrial remained unchanged.
As for blue chips, Emaar rose by 10.4%, while DIB gained 4%, Emirates NBD (+7%), Dubai Investments (+5.4%).
The weekly traded value increased by 21.3% to AED 2.94 billion ($800 million), from AED 2.42 billion ($659 million). Traded volume declined to 2.18 billion shares from 2.2 billion shares.
Translated by Sayed Abdel Rahman
