By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a positive performance this week. The main gauge rose 1.04% or 38.02 points to reach 3,583.82 points.
The market’s uptrend was backed by annual dividend issues, oil prices which rose above $43 per barrel, in addition to expectations of positive first-quarter results, capital market analyst Alaa Ahmed said.
Turnover reached AED 3.48 billion on Thursday, compared to AED 4.54 billion on Wednesday.
Trading volume declined to 2.9 billion shares from 3.4 billion shares.
Lower liquidity comes in a calm period following the failure of the Doha talks to freeze oil production.
The banks sector grew 2.8% as Emirates NBD levelled up 4.6%.
The real estate sector increased 0.9%, helped by Emaar Properties which added 2.22%.
On the flipside, the investment sector declined 3.9% after DFM Company and Dubai Investments slid 1.9% and 0.8% in a row.
The market is expected to maintain its gains next week, while targeting 3,600 and 3,700 points in a row, Ahmed noted.
Ahmed advised traders to focus on blue chips like Arabtec Holding and Amlak Finance, rather than small caps which already reached their profit targets.
