By Thabet Shehata
Dubai – Mubasher: Dubai Financial Market extended its gains to the third week in December, supported by banking and real estate stocks mainly DIB and Arabtec.
The market will close tomorrow on celebrating the Prophet’s Birthday.
The main index rose by 2% or 64.25 points to close at 3,137.32 points, compared with last week’s closing level of 3,073.07 points.
The steep declines in UAE markets recently provided opportunities for short-term investors, said Ahmed Aaql, technical analyst.
The transport sector was the biggest gain, up 4.56%, after Air Arabia, Aramex and Gulf Navigation rose by 6.6%, 2.67% and 3.88% in a row.
The real estate sector also advanced by 2.04% during the week backed by Arabtec that jumped 13.76%, while Emaar fell by 0.7%.
The banks sector rose by 1.78% powered by DIB (+2.9%) and Emirates NBD (+1.4%).
The average daily turnover rose to AED 386.7 million, while average daily volume increased by 37% to 378 million shares.
