By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw gains for the second successive week, backed by the rise of the real estate stocks especially Emaar Properties and Arabtec Holding.
The DFMGI rose 2.9% or 106 points to reach 3,471.90 points this week.
The main index managed to break its strong resistance at 3,375 points this week, backed by global markets which ended their nine weeks of volatility caused by the Brexit vote, according to Manaf Mallouhi, head of research department at Al Safwa Islamic Financial Services
The real estate sector was the best performer after adding 4.4% as Emaar and Arabtec advanced 5.8% and 4.9% respectively. In addition, the transportation sector grew 2.3% after Air Arabia gained 3%.
The banks sector recovered 1.53% due to a rise in Emirates NBD and Dubai Islamic Bank (DIB) by 2% and 1.9% respectively. Likewise, the investment sector grew 1.25% as DFM Company levelled up 6.25%.
Trading volume reached 1.69 billion shares this week, compared to 437.54 million shares a week earlier. Turnover stood at AED 2.366 billion, compared to AED 641.29 million.
The market’s gains will push the index to rise to 3,600 points in the coming weeks, Mallouhi explained.
Translated by: Julian Nabil
