By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shrugged off its losses in the previous week on the back of investor optimism about the quarter results, amid tensioned geopolitical situation, especially in Syria.
The general index gained 56.53 points, or 1.83%, to close at 3,150.93 points on Sunday, touching its highest level in about four months.
The DFM has absorbed the selling shock took place last week, pushed up by the positive expectations concerning the first quarter results, Mubasher’s senior sales trader Mohab Maher commented.
Investors are expected to opt for stocks guarantee fixed returns – such as banks – in the coming period, Maher added.
The services sector surged 2.84% after Tabreed soared 4.8% to AED 1.75, while the investment sector went up 2.6%, as Dubai Investments and the DFM company added 2.9% and 1.7%, respectively.
The banks sector also gained, rising 2.01%, after Dubai Islamic Bank (DIB) increased by 2.9% to AED 5.62.
The real estate sector grew 1.8%, as Emaar Properties jumped 2.9% to AED 5.98, while Arabtec Holding rose 1.8% to AED 2.2.
The transportation sector added 1.26%, as Aramex went up 1.7% to AED 4.22 and Air Arabia added 0.8% to AED 1.19.
The telecommunications sector and its only stock, du, increased by 0.4% each.
The DFM’s trading volume shrank to 92.03 million shares from 176.1 million on Thursday, while the market’s liquidity more than halved to AED 131.7 million versus 282.47 million in the previous session.
Translated by: Muhammad Khalid
