By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance in the week ended 8 December, seeing highest gains in more than eight months, backed by the rise of trading activity and liquidity.
The general index increased 5.9% or 197 points to reach 3,558.68 points.
Turnover stood at AED 3.78 billion this week, compared to AED 3.16 billion recorded last week. Trading volume reached 3.05 billion, compared to 2.57 billion shares.
Dubai bourse was mainly backed by the rise of US markets and stability of oil prices at acceptable levels following the OPEC’s agreement to cut oil output, capital market analyst Tarek Ghanam told Mubasher.
Leading sectors reached promising levels, from which they are likely to rise higher amid positive expectations for annual profits, the analyst noted.
The real estate sector topped gainers with a 5.6% rise as Emaar Properties and RAK Properties levelled up 8.5% and 4.6% respectively.
The banks sector grew 3.9% as Dubai Islamic Bank (DIB) added 8.2%.
The investment sector levelled up 3.15% after DFM Company and Dubai Investments climbed 14.03% and 3.5% respectively.
The transportation sector rose 2.35% due to an increase in Aramex and Gulf Navigation by 5.1% and 1.35% respectively.
Traders should not increase their positions if the main index stabilises above 3,500 points in the upcoming sessions, Ghanam said.
The UAE stock markets will be closed on Sunday, 11 December, on the occasion of Prophet Mohammed’s birthday.
Translated by: Julian Nabil
