By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed the week ended Thursday, 17 May on a positive note, breaking a four-week losing streak, as investors feel optimistic about Emaar Development’s stock, following its recent addition to the emerging markets index and its positive results for the first quarter.
The DFMGI grew 1.07% or 30.82 points to close at 2,912.62 points.
The investment sector led gainers, adding 8% after Dubai Investments surged 9.9% to AED 1.99, while the DFM Company increased 6.7%.
The real estate sector rose 2.4% during the week, backed by Arabtec’s 10.4% jump to AED 1.92, as well as a 2.8% rise for each of Emaar Properties and Emaar Development to AED 5.13 and AED 5.53, respectively.
On the flipside, the banks sector declined 0.9% after Emirates NBD’s stock retreated 4.39% during the week to AED 9.8, added to Dubai Islamic Bank’s (DIB) 1.03% fall to AED 4.8.
Commenting on the DFM’s weekly performance, Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi, told Mubasher that markets were still suffering from reduced confidence and lower liquidity, which has led to overall calm trades during the week.
Translated by: Nada Adel Sobhi
