Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index surged 2.77%, or 93.5 points, to 3,370.07 points at the end of the week.
Following New Year’s holiday, the UAE markets have been witnessing a big buying trend by foreign investors, which boosted their weekly results, Mena Corp’s financial analyst Issam Kassabieh told Mubasher.
The positive wave in the national market is attributable to the recent reports regarding the strength of the UAE’s market’s, Kassabieh added.
During the week, the consumer staples sector soared 8.5% after Marka and DXB Entertainments increased by 8% to AED 0.595 and 8.6% to AED 0.69, respectively.
The real estate sector jumped 4.4%, as Emaar Properties went up 6.7% to AED 7.41, while Emaar Malls levelled up 2.4% to AED 2.18.
The banks sector rose 1.34% after Amlak Finance added 6% to AED 1.06.
The banks sector flourished after seeing a buying trend driven by investors who were targeting the expected high dividends in the sector, the analyst concluded.
The services sector led the DFM’s losers, shedding 1.3% after Amanat Holdings lost 3.4% to AED 1.43.
The DFM’s trading volume dropped 24% to 639.73 million shares from 836.2 million shares in the previous week, while the market’s liquidity tumbled 33.4% to AED 866.38 million, compared to AED 1.3 billion a week earlier.
GFH Group gained 4% to AED 1.56 and topped the market in terms of liquidity, with a turnover of AED 287.78 million.
Translated by: Muhammad Khalid
