By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) ended the last week of trading in 2016 in the green, backed by selective buying on defensive stocks, analysts have said.
The DFMGI grew 0.31% or 10.73 points this week. Turnover reached AED 1.95 billion up from AED 1.38 billion last week, while traded volume reached 1.57 billion shares, up from 1.08 billion.
“UAE markets have witnessed significant fluctuation this week amid a lack of domestic catalysts and the spread of rumours and growing speculation,” Gamal Aggag, manager of Al Sharhan Stock Centre told Mubasher.
He added that the slight but positive rise of the DFM this week is justified considering the growing activity on medium-sized stocks, while some investors were liquidating their positions in blue chips ahead of the end of the year holidays.
The transport sector led risers, adding 0.25%, backed by Air Arabia and Gulf Navigation, which gained 1.6% and 0.6%, respectively. Aramex also added 0.49%.
The services sector and its stock DXB added 0.59%, while the investment sector edged up 0.08% after Dubai Investments increased 0.8%.
The real estate sector slipped 0.05% on the back of Emaar Properties, which lost 1.65%.
Markets will likely see improved performance when they resume operation in 2017, ahead of the upcoming disclosures of companies’ financial statements, Aggag told Mubasher.
He added that cash dividends from banks are expected to range between 5% and 12%, which indicates improved performance. Moreover, markets are likely to see increased foreign investments, he noted.
The upcoming implementation of the oil deal by OPEC and non-OPEC members will likely boost optimism in 2017, Aggag stated.
Translated by: Nada Adel Sobhi
