By Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) halted a four-day decline, as portfolios return to buying while oil prices are improving on a Fed decision to hold interest rates steady.
The benchmark rose by 2.6% or 84.8 points to close out the week at the 3,384.63 level.
Ali Al-Shehy, a capital markets analyst, said the bourse got a boost from the continued rise in oil prices and the Federal Reserve’s latest decision on interest rates.
Turnover increased to AED 920.9 million from AED 626 million, and traded volume rose to698 million shares from466.8 million shares.
Al-Shehy also said the liquidity growth was driven by investors’ voracious appetite for bidding on blue chips and building position in defensive stocks.
“The index will keep swinging between 3,170 and 3,200 points unless it crosses its peak of 3,500 points,” the analyst said.
The real estate sector rose by 4.4%, fuelled by Emaar Malls and Emaar Properties which advanced 7% and 5.4% in a row.
The banking sector moved 1.7% higher on Dubai Islamic Bank and Amlak which gained 2.26% and 0.6%, respectively.
Arabtec, which rose 0.6% to AED 1.62, was the most active with a traded value of AED 135.54 million.
Al-Shehy said Arabtec will remain under selling pressures unless it regains the AED 1.68 price level.
Translated by Abdul Maguid Aboshahla
