By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index rose 0.9%, or 31.06 points, to 3,494.63 points in a week, pushed up by cherry-picking of the stocks of the banks and the transportation sectors.
The UAE’s markets achieved positive results during the week, despite the profit-taking trend, which weighed on many sectors, Al-Sharhan Centre’s general manager Gamal Agag told Mubasher.
However, the effect of the selective buying trend is healthy, given that the market saw growth in eight successive sessions, Agag added.
The banks sector led the DFM’s gainers, rising 2.4% after Dubai Islamic Bank (DIB) grew 2.6% to AED 6.5.
The transportations sector went up 1.74%, as Air Arabia surged 4% to AED 1.29, while the investment sector gained 0.4% after Dubai Investments increased by 1.7% to AED 2.44.
The real estate sector inched up 0.03% after Arabtec Holding soared 12.24% to AED 2.75.
On the other hand, the telecommunication sector and its only stock du shed 1.34% each.
During the week, the DFM’s trading volume surged 130% to 1.47 billion shares from 639.73 million in the previous week, while the market’s turnover more than doubled to AED 2.05 billion, compared to AED 866.38 million a week earlier.
GFH Group’s stock, which lost 2.56% to AED 1.52, was the most actively-traded stock on the market in terms of liquidity, with a turnover of AED 297.23 million, which made up 14.4% of the market’s liquidity.
Investors began to focus on low-priced stocks, including Deyaar Properties, DXB Entertainments, and Drake and Scull International (DSI), the analyst concluded.
Translated by: Muhammad Khalid
