By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive performance in the week ended 8 September, amid selective purchases of investment and real estate stocks.
Positive catalysts like the UAE’s bankruptcy law, Cityscape Global 2016 and active trading in new futures market encouraged portfolio investors to buy blue chips and defensive stocks, according to capital market analyst Fawzi Abdullah.
Closure of the index above 3,500 points confirmed that the index is back to stability, Abdullah added.
The investment sector topped gainers after rising 1.1% as SHUAA Capital, Dubai Investments and DFM Company advanced 0.82%, 2.9% and 1.52% respectively.
The real estate sector gained 0.97% as Union Properties (UP), Damac Properties and Arabtec Holding climbed 4.9%, 1.7% and 0.7% respectively.
Defensive stocks saw active trading especially Gulf Navigation Holding which went up 12.26%.
Liquidity reached AED 2.03 billion this week, compared to AED 1.81 billion last week. Trading volume reached 1.34 billion shares, compared to 1.88 billion shares.
The main index is expected to rise to 3,500 points, he said, adding that traders should increase their positions in stocks which saw a good operational performance in H1-16 until the announcement of Q3-16 financials.
Translated by: Julian Nabil
