By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive performance in the week ended 8 August, spurred by the rise of leading sectors especially the real estate.
The general index rose 1.5% or 52.04 points to reach 3,524.42 points.
The market’s weekly gains were mainly attributed to investors’ tendency to build new positions in blue chips topped by Emaar, which saw buying momentum and reached AED 7, stock market analyst Amin Al Hennawi said.
The real estate sector was the top gainer after rising 3.23%, backed by Emaar Properties, Arabtec Holding and Union Properties which advanced 5%, 2.68% and 3.27% respectively.
The stock of Arabtec saw active trading after the announcement of its second-quarter financials, contributing to the market’s positive performance, Al Hennawi noted.
The investment sector grew 1.8% as Dubai Investments went up 2.4%. Likewise, the transportation sector climbed 0.4% due to a rise in Air Arabia by 1.4%.
Turnover stood at AED 1.42 billion this week, compared to AED 1.19 billion last week. Trading volume reached 928.79 million shares, compared to 926.18 million shares.
The market’s ability to continue its rise in the coming sessions will be dependent on heavyweight Arabtec’s financials, the analyst said.
Translated by: Julian Nabil
