Dubai - Mubasher: The Dubai Financial Market (DFM) continued with its upwards trend for the fifth consecutive week, as the market cap gained AED 3.7 billion, on the back of blue chips stocks.
The DFM general index rose 1.9%, gaining 66.6 points, to close the week at the level of 3,675.12 points.
Market analyst Mohamed Al Saied told Mubasher that the market benefited from a rise in purchasing powers as investors were seeking more position in anticipation of positive results by Emaar and Arabtec, therefore helping the main index exceeding the level of 3,670 points, and approaching 3,730 points.
The market capital increased by AED 3.7 billion to a total of AED 373.88 billion, compared to AED 370.11 billion by the end of last week.
Traded values rose to AED 1.44 billion compared to AED 1.18 billion in the week before, while volumes declined to 844.32 million shares down from 955.61 million shares last week.
Despite the limited liquidity and the negative financial results posted by some listed companies, the main index has the potential to continue its rising trend next week, said market expert Amen Al Henawi.
Al Henawi also told Mubasher that the main driver for the main index rise would be the success of some of the blue chips in exceeding important resistance levels, expecting the main index to target levels between 3,2720 and 3,750 points.
