By Thabet Shehata
Dubai – Mubasher: Dubai Financial Market (DFM) general index delivered a bullish performance in the last week of January, reversing a three-week decline, amid a rebound in oil prices coupled with positive results for some companies.
The main gauge rose by 7% or 235.3 points to close at 2,857.24 points, compared with 2,621.96 points a week earlier.
Market capitalisation increased by AED 18.6 billion to reach AED 284.53 billion ($77.48 billion), up from AED 265.94 billion ($872.4 billion).
The local equities were buoyed by internal and external factors, said Waddah Al Taha, analyst, adding that correlation with oil prices is strong currently.
The real estate sector was the biggest gainer, with a rise of 11.3%, followed by banks (+9.2%), then investment (+7.22%) and telecommunication (+2.56%). Meanwhile, the industrial sector remained unchanged.
As for blue chips, Emaar jumped by 12%, while home builder Arabtec added 8.2%. DIB and Emirates NBD gained 14.4% and 9% respectively, while Dubai Investments gained 7.8%.
The weekly traded value rose by 10.8% to AED 2.42 billion ($659 million), from AED 2.2 billion ($600 million). Traded volume also increased to 2.2 billion shares from 1.88 billion shares.
