By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) rebounded on Monday from the five-month low it reached yesterday, spurred by the rise of the investment, real estate and banks sectors.
The general index gained 0.8% or 27.6 points to reach 3,285.76 points.
The market was mainly backed by the marginal rise of its peers, in addition to Asian stocks which recovered from early losses, according to Wadah Al Taha, a member of the UAE National Advisory Board for the Chartered Institute for Securities & Investments (CISI).
The consumer staples sector was the best performer after adding 4.5% as Dubai Parks and Resorts closed 4.7% higher.
The investment sector advanced 1.07% as Dubai Investments went up 1.52%. Similarly, the banks sector gained 0.7% due to an increase in Emirates NBD by 0.5%.
The real estate sector also grew 0.5% after Arabtec Holding and Emaar Properties recovered 1.5% and 0.3% respectively.
Although the Brexit “crisis” has continued to pressure markets, speculations and selective purchases on blue chips pushed Dubai bourse to close in the green, Al Taha noted.
Trading volume reached 317.06 million shares on Monday, compared to 374.72 million shares on Sunday. Turnover stood at AED 369.32 million, compared to AED 514.1 million.
The UAE markets are likely fluctuate throughout the rest of this week amid anticipations of the political and economic fallout from Britain’s vote to leave the European Union (EU), Al Taha concluded.
Translated by: Julian Nabil
