By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a bullish performance in the week ended 5 January 2017, spurred by selective purchases of small-cap and blue-chip stocks especially in the real estate sector.
The DFMGI rose 2.45% or 86.52 points to reach 3,530.88 points.
Turnover stood at AED 2.17 billion this week, compared to AED 1.95 billion last week. Trading volume reached 2.34 billion shares, compared to 1.57 billion shares.
The insurance sector rose 7.6% as Dubai Islamic Insurance and Reinsurance Co. (AMAN) and Dar Al Takaful advanced 73% and 3.12% respectively.
The operational development of insurance sector supported the UAE markets and stocks, pushing investors to invest in small-chip stocks, according to Mohamed Al Nagar, financial broker at Al Safwa - Islamic Financial Services.
The real estate sector levelled up 3.5% after Emaar Properties and Arabtec Holding rose 3.6% and 3.8% respectively.
The investment sector increased 2.7% after Dubai Investments went up 6.7%. The banks sector climbed 2.5% as Dubai Islamic Bank (DIB) advanced 2.5%.
The main index needs to stabilise above 3,600 points to maintain its uptrend, Al Nagar added.
Translated by: Julian Nabil
