By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) resumed its weekly gains amid selective buying on several leading and defensive stocks, according to an analyst.
The DFMGI grew 0.2% in the third week of January, adding 7.32 points and closing at 3,738.28 points.
Turnover nearly doubled to AED 4.14 billion from AED 2.8 billion last week, while traded volume increased to 3.01 billion shares from 2.24 billion shares last week.
The DFM has received support from gains achieved by small and medium stocks, particularly dually-listed stocks, technical analyst Amin El Hennawy told Mubasher.
The banking sector rose 2.6% backed by Mashreq's 15.2% jump following the disclosure of its financial results for 2016.
The services sector added 0.5%, backed by Tabreed and Amanat, which were up 5.4% and 3.8%, respectively.
Meanwhile, Emaar Properties increased 0.7%, whereas Arabtec shed 0.6%.
The performance of blue chips was quite disappointing this week and had limited impact on the DFMGI, the analyst noted.
"It is likely that the DFM's sideways movements will end next week as the number of companies reporting their financials for 2016 increases," El-Hennawy told Mubasher, noting that these disclosures will determine the market's direction.
Translated by: Nada Adel Sobhi
